On Monday, SBI Japanese financial exchange’s CEO Yoshitaka Kita disclosed that it is coming up with new virtual currency services. Basically, this feature came live after it got delayed for certain security concerns. Bestowing to the Business Insider Japan, the firm is offering Blockchain stage for exchanging symbolic digital forms of currency such as Bitcoin, Ethereum, Bitcoin Cash, and Ripple.
Strategic Business Innovator Group
SBI is known as Strategic Business Innovator Group. It is Tokyo based financial services company. The companies have various business and institutions which is named under SBI holdings. SBI also operates an SBI Graduate School which is business school and a children’s charity foundation. SBI was started in the year 1999 as a SoftBank Investment. It got listed on the Osaka Securities Exchange and Tokyo Stock Exchange.
The firm in its announcement claims to be available for the public services in the month of July of this year. Moving on further, SBI is stepping a stone to focus on VCTRADE for trading XRP. Basically, XRP is a native token derived from the Ripple Protocol. The exchange supports for Bitcoin and Bitcoin cash. It is an initial agenda for the users who are confused while dealing with cryptocurrencies.
Journey of SBI
In October 2016, SBI holdings began its first wholly-owned subsidiary called SBI virtual currencies. SBI launched Japan’s first crypto exchange which is endorsed by a major financial institution. Later on, in September 2017 SBI got registered with Japan’s Financial Services Agency. It announced in the February 2018 and it setback due to some security issues.
The information of these new services equipped after SBI virtual currencies canceled a partnership with Houbi, a Singapore based crypto exchange. The reason for canceling their deal is still unknown as says that SBI would have used Houbi’s financial and technological resources to launch VCTRADE.
Currently, VCTRADE is a service which is accessible for the 20,000 users who have pre-registered with the platform in October 2017. SBI functions for executing the remittance technologies given from the San Francisco-based Ripple. It utilizes a dispersed ledger to attain cross-border trades.
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