- SBI has commenced deposits of BTC, XRP, and ETH ahead of VCTRADE exchange launch.
- Ripple and SBI have been working together since 2016.
The leading Financial Giant in Japan, SBI is preparing to launch its cryptocurrency exchange platform referred to as VCTRADE. In fact, the exchange has already started accepting deposits of various cryptocurrencies including Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH). The exchange will also add support for Bitcoin Cash (BCH).
In a recent statement published on the company’s website, SBI reckons that it is ready to commence crypto services. The Financial Giants expects that the new services will be greatly adopted by their massive customer base.
“At the launch of full-scale services, expecting customer inflow from the SBI Group’s customer base of 23.47 million, specifically, SBI SECURITIES with approx. 4.26 million accounts, SBI Sumishin Net Bank with approx. 3.21 million accounts, and SBI Liquidity Market, including SBI FXTRADE, with approx. 1.05 million accounts, etc. Through mutual collaborations between business ecosystems, endeavor to realize a seamless trading environment between existing financial ecosystem companies.”
Ripple and SBI have been working together since 2016. The latter’s mission is to bridge the gap between the financial systems and the blockchain industries. Moreover, SBI is already largely involved in cross-border payments, especially Asia and Middle East regions. The firm expects to incorporate Ripple’s blockchain infrastructure to increase the speed of transactions while at the same time lowering transaction costs.
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