SBI Holdings Launches Cryptocurrency Exchange VCTRADE

On Monday, Japanese financial SBI Holdings announced that VCTRADE cryptocurrency exchange will begin its full-fledged work in July. This is stated in a press release of the Japanese financial giant. Initially, only Ripple’ coin will be traded at new platform. Bitcoin and Bitcoin Cash will be added later. After the announcement, the price of the third ranked cryptocurrency increased by 8%.
Cryptocurrency Exchange VCTRADE

The VCTRADE service is currently open only for those who pre-registered on the platform in October 2017. In July, it will become available to all users.
The statement, which the organization published on Monday, June 4, explains that at the first stage the site will provide services for the trade in XRP cryptocurrency. Bitcoin and Bitcoin Cash will be added later, but the company didn’t specify the frames. The decision to launch XRP trading first, can be explained by the close ties of SBI Holdings and Ripple.

SBI Holdings and Ripple are jointly developing solutions to carry out international payments using blockchain. The Japanese financial company opened a division focused on the digital currency market in October 2016. The SBI Holdings management planned to launch the country’s first cryptocurrency exchange, fully funded by a large financial institution.

After the announcement, Ripple XRP rate increased by 8% in a short period of time. It jumped till $ 0.7.  Now the coin is trading at $ 0.66.
The VCTRADE platform was registered with the Japan’s Financial Services Agency in September 2017. In February of this year, its representatives reported that the launch was delayed due to fears that occurred after the hacking the Coincheck cryptocurrency exchange. In March, SBI Holdings terminated the partnership agreement with the Huobi exchange, whose technological and financial resources were initially involved in the launch.

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