SBI Holdings has been working to prepare their cryptocurrency exchange to participate in trading virtual currency. CEO Yoshitaka Kitao announced that this service would be available in March 2019, approximately eight months after the exchange was originally launched.
Prior to now, withdrawals were restricted, and users only had the option of using a “designated wallet,” as described by the company. This storage option was mostly used to comply with the AML regulations, and to prevent money laundering or terrorist financing to occur. Though the damage has been done more frequently in the traditional finance world, the cryptocurrency industry still has a reputation for succumbing to these problems.
As the new trading exchange opens, users will be able to trade XRP, Bitcoin (BTC), Ethereum (ETH), and potentially Bitcoin Cash. As of September 30th, the platform was in possession of 176 million yen in revenue, which is approximately $1.584 million. Considering the partnerships that SBI has formed already with Ripple, R3, and other major crypto companies, it looks like SBI is preparing to become a global leader in both crypto and payments.
The CEO appears to be working to establish this dream as a reality before the Osaka Expo 2025. If he can, the investors would gain more information on the way that blockchain technology and cryptocurrency could revolutionize the payments/remittance industry in a combined effort.
Some Redditors have already taken to discussing this matter on the social media platform, eagerly awaiting the projected launch dates that SBI has offered. One Redditor, @Hodlandwait, said,
“I love it. I’m easily happy to wait 5 years for a $10 price point. When I got in to this game years ago with such little, I was hoping for $50 or $100 thinking this was going to be the biggest explosion. The bear and boom and then the bear of last year has allowed so many people to accumulate that $10 takes many of this community into the f[***]tonnes of money camp.”