SBI VC Website Goes Live with XRP Already But Trading Desk Launch Pushed Back to July
The Virtual Currency platform of SBI that is already live for several months but was expected to launch its full-scale platform in March has been postponed to July, this year.
According to the slides of Daiwa Investment Conference Tokyo 2019, Yoshitaka Kitao, the Representative Director, President & CEO SBI Holdings, Inc. shares that the exchange service has been moved further due to regulatory issues surrounding leverage trading and security.
“Exchange service: the scheduled beginning date was changed to July from Mar. 2019, in line with the introduction of private-cloud to enhance security in response to changes of the regulatory environment for leverage trading.”
Moreover, leverage trading will be implemented after “deliberation of margin requirements in the ordinary Diet session.”
The SBI Virtual Currency platform first started registering for cryptocurrency exchange and trading business in late 2017. Last year, the pre-order service was launched for over twenty thousand users and started accepting general account applications as well.
In December last year, they began accepting cryptocurrency deposits while in January, this year, the withdrawals were allowed.
Full-Scale Efforts Towards Increasing Financial Services using Ripple’s XRP And R3’s Corda
VCTRADE allows its users to receive cryptos from other exchange service wallets through its receipt service and to send cryptos to limited hardware wallet addresses.
It will further start its cryptocurrency fund business in association with a US asset management company called Venture Holding Company once the new legislation is enacted.
The R3-Ripple collaboration has been also reiterated where SBI is actively promoting the collaboration between Ripple and R3. The idea is to become a “global standard for financial operations such as international money transfers and trade finance,” through this collaboration.
SBI will be utilizing the Corda Settler of R3 through the Corda network launched in 2019 for the smoother transfer of data and digital assets by the connected fintech companies and banks in that network. It further points out XRP, the first crypto supported by Corda settler that “demonstrates a high affinity with Corda.”
Moving forward, S Coin platform has been revisited that is being prepared for the transition into a highly convenient global platform though Corda Settler. Moreover, future expansion and adoption through Expo 2025 in Osaka.