Japan’s financial services group SBI Holdings has gone Live with its much-awaited cryptocurrency exchange. The launch was expected last month but got delayed due to some security concerns following the Coincheck hack.
The exchange, known as VCTRADE, will have its prime focus on trading of XRP, the Ripple-based token. Support for bitcoin and bitcoin cash is not yet available but should subsequently be enabled in the future.
Currently, the exchange is only accessible to users who have pre-registered with the exchange in October last year. The platform is expected to be available for a wider audience in July this year.
Yoshitaka Kitao, group’s President and CEO believes that the Ripple-based token is faster, cheaper and more scalable, compared to other assets. He also believes that the token would become a global standard in the future. SBI Holdings had previously also launched a blockchain-based platform based on XRP, in partnership with Ripple, for cross-border transactions.
The launch of the crypto exchange by SBI and Ripple could bring about significant changes in Japan’s cryptocurrency market. As it is a bank-based crypto-exchange, it is likely to offer better speed, reliability, and transparency in digital currency trading.
