SBI Virtual Currencies Now Accepts New Users: Bitcoin (BTC), Bitcoin Cash (BCH) & Ripple (XRP) Offered
Last month in June of 2018, Japan saw a new premier of a massive banking consortium, SBI Group that revealed the launch of a virtual currency platform. The new platform, aptly called SBI Virtual Currencies or SBIVC, has begun to accept new users once again as of this week.
Even though they launched the massive exchange with XRP exclusively, they also added BTC and BCH pairs of tokens with the Japanese currency Yen on the 18th of June and the 11th of June as well. The new launch of the exchange also represents one of the largest pro-XRP financial centers heading into the cryptocurrency space. Yoshitaka Kitao, CEO and President of SBI Group, recently said some things about XRP.
It’s a faster, more cost effective and easy to scale than nearly any other virtual currency. It’s strongly believed by many that it is going to be one of the world’s standard virtual currencies.
Notably, the new exchange performed a test phase of the company with at least 20,000 customers who wanted to join the advanced reservation account opening. It was said to be done for stress testing reasons as well as guarantee the exchange would handle strains from heavy loads for long periods of time.
The new account process is once again open for public registration. With the SBIVC site gives all the details on how you can open a brand-new account to start trading currency on the platform. The officially released statement by SBI says the following:
“Thank you very much for giving us your expectations for the start of service by many customers. Starting accepting applications for opening new accounts of our virtual currency exchange service [VCTRADE] from today.”
The requirements for starting a new account is that the new users have to fall in the age range of 20 to 70 years old and live in Japan. The message put a lot of stress on the fact applications used to start corporate customer accounts are not accepted as of now. This is important as it might not show the quick entry of institutional money into the current marketplace, the exchange may even except these applications in the near future.
The new website gives a step-by-step process on how you can start a personal account on the site by following a simple 3 step process. The person starting must first register on a type of provisional basis by email, then send in personal documents for ID verification purposes, finally ending with a postcard sent to them by SBI to address the new user. It will contain the password for the transactions that is needed to start trading.
Step 1: It’s a standard email registration and ID verification process. It wil also be used to set things up for the first time with the password for the SBIVC system. The user must follow the instructions in the six very important documents as created by the exchange.
Step 2: The following step is to send the documents for the purpose of verification of the user’s identity. Most noted the website exchange only gives withdrawals to bank accounts with the same name of that used to register on the platform. The documents that can be used for verification purposes are the passport, driver’s license, citizen’s Individual Number, or ‘My Number’ card, usually found on insurance cards.
Step 3: The last step of the process for starting with the company is to send the registered postcard to the address reported by the user. The process is similar to what is happening with the pre-registered address offered via the user. It is similar to what is happening with the pre-registered customers who complete the entire registration process.
Previously, Kitao stated on the launch of the platform:
“When we do it, it will be number one in the blink of an eye so quickly, so even if a tremendous number of customers come, we can build a system that can bear [the workload].”