SBI Holdings is a major name in the financial industry, and they have recently released a crypto exchange that will be run in-house. The ability to finally make this platform a reality comes after month of struggles and delays as the bank attempted to fix the security concerns they had.
The platform is being called VCTRADE, and it is only available to the interested investors that registered by October 2017. However, it may soon be available to the rest of the industry in July 2017, as long as there are no more delays or changes.
As SBI integrates themselves into the crypto world, they will start with the trading of Ripple’s token XRP. Next, they will work towards supporting bitcoin and bitcoin cash, though there is no specific amount of time that consumers can expect for these integrations. This is not much of a shocker to the industry, considering that it is SBI’s remittance technology that made it possible for Ripple to have such an expansive reach with their free transactions.
The SBI Virtual Currencies subsidiary has been around since October 2016, which was established in a bid by SBI Holdings. Later on, they registered the new business in September 2017 with Japan’s Financial Services Agency (FSA), and the first announcement of a delay in the release occurred in February of this year.
These services follow a recent failed partnership with Huobi, another crypto exchange that had planned to launch VCTRADE for SBI.