The largest financial institution of Japan, SBI Holdings officially announced the launch of its native crypto asset exchange, “VCTrade Pro” on Wednesday.
According to a statement by SBI Holdings, the exchange is fully approved by the Japanese Financial Service Agency (FSA) and its services are set to commence on July 31st.
SBI holdings had initiated their VCTrade program last year. It had its own share of limitations but the firm has assured its users that VCTrade Pro is going to be bigger and better. It will comprise of all the previously available features and would also be optimized to provide additional trading options.
For example, an upgrade on the new platform is that, on VCTrade Pro, users can trade while watching the market volume of trading on a “sales board,” This option was not available on VCTrade.
SBI stated that unlike its relatively conservative predecessor, VCTrade pro would help take the burden off customers by utilizing an automation system where buyers can place bids for cryptocurrencies and will be matched with sellers.
Currently, VCTrade Pro can provide trading pair for three major cryptocurrencies- Bitcoin (BTC), Ether (ETH), and Ripple’s XRP for Japanese fiat currency. However, plans are being made to add support for other digital currencies in the future.
Both VCTrade and VCTrade Pro are bank-backed exchanges, whose services differ slightly from other crypto-only exchanges.
Five banks have officially joined others using the Ripple-enabled MoneyTap application, used for hassle-free settlement, bringing the total number of banks using the app to 25.
Being one of Ripple’s top partners SBI holdings would be providing fiat liquidity for XRP/JPY on VCTrade Pro making the MoneyTap app even more attractive for other banks.
Following the news, XRP recovered slightly to $0.32, following the general upward direction of the markets.
The decision on the part of a big financial conglomerate to launch a cryptocurrency exchange shows that the idea remains strong on the Japanese market. Despite setbacks, such as volatility and exchange hacks, Japan remains a hotspot for cryptocurrency activity.*
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