Open for business: SBI Virtual Currency exchange begins

July 17, 2018
Chris Wheal

Japan’s SBI Holdings has flung open the doors to its new crypto-exchange, SBI Virtual Currency or VCTRADE, to customers resident in Japan, the bank announced on Tuesday.

SBI Holdings opens virtual currency exchange to residents in Japan

The service is now fully open for users between ages 20 and 70 after lengthy delays.  The registration of the VCTRADE was completed in September 2017 but only began in October 2017 as a limited service to around 20,000 users who applied for advanced application.

In a recent release SBI Holdings acknowledged that the general application for opening accounts was scheduled to start in July 2018. It indicated that the exchange would initially cover ripple (XRP) only, gradually expanding to bitcoin (BTC) and bitcoin cash (BCH).

A number of Japanese banks (part of a consortium led by SBI Ripple Asia) are using Ripple-based blockchain technology to power a unique smartphone application targeting bank customers called MoneyTap which will be launched later this year.

SBI Virtual Currencies is adopting NASDAQ’s transaction system (matching system) and is partnering on wallet management with SECOM Trust Systems to provide a secure platform.

Billed as the world’s first bank backed crypto-exchange VCTRADE may herald more banks entering the space. Earlier this year Barclays entered into a tie-up San Francisco-based Coinbase as a means to simplify the deposit and withdrawal process for its UK customers.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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