Business 7 February 2019Dennis Wafula
SBI Holdings to launch trading platform next month
SBI Holdings’ new cryptocurrency exchange, VC Trade, will soon be used for crypto trading. In an announcement, the company stated that customers would be able to trade cryptocurrencies on VC Trade in March 2019.
When the new trading exchanges open, users will be able to trade many cryptocurrencies available on their platform since December. In a recent tweet, SBI’s CEO Yoshitaka Kitao stated:
“SBI Virtual currency Exchange VC Trade, Exchange-style cryptocurrency trading available from March-now you can buy and sell XRP, BTC, ETH, BCH in the Sales office format from the virtual currency.”
Since launching the exchange in July 2018, SBI Holdings has been preparing for trading by ensuring it complies with laws set by Japan’s Financial Service Agency (FSA).
Before the announcement, withdrawals were restricted on VC Trade. Customers only had the option to use “designed wallets” on the platform. These wallets were mostly used to comply with the Anti-Money Laundering regulations aimed at preventing money laundering and terrorism financing.
The company further highlighted in the announcement that it expects to cash out from its 23 million users who are likely to become new clients for the VC Trade platform. Reportedly, by September 30, the platform had collected 176 million Yen in revenue (about $1.58 million).
Last year in October, SBI Holdings partnered up with Sepior, a blockchain security startup, to create secure online wallets for the VC Trade platform.
SBI Holdings wants to build a crypto ecosystem that will facilitate the growth of blockchain and other technologies. So far, actions by the company have shown their willingness in achieving this dream. SBI Holdings has provided funding to many startups in the blockchain space.
The most recent startup was Tangen, who received an undisclosed amount of funding to help their operations on a hard wallet that works like a banknote for digital assets.
Further, the company has formed partnerships with companies like Ripple, R3 and other stakeholders in the cryptocurrency industry.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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