SBI Holdings Debuts VCTRADE, Japan's Pioneering Bank-Owned Crypto Exchange with Ripple Backing

VCTRADE, the cryptocurrency exchange from SBI Holdings, a Japanese financial institution, has officially launched after an initial announcement made 15 months ago. With a focus on Ripple's XRP, VCTRADE will initially support XRP/JPY trading with no transaction fees. Further support for Bitcoin, Bitcoin Cash, and broader public rollout is expected in the near future.

SBI Holdings Unveils VCTRADE, Japan's First Bank-Owned Cryptocurrency Exchange with Ripple Support

Tokyo, Japan - May 28, 2018 - Japanese financial behemoth SBI Holdings has finally launched its much-anticipated cryptocurrency exchange, VCTRADE, 15 months after its initial announcement in 2016. This landmark development marks the culmination of SBI's unwavering commitment to the burgeoning cryptocurrency industry and positions Japan as a global leader in the digital asset space.

In a resounding statement of confidence in Ripple's transformative blockchain technology, VCTRADE will initially focus on trading XRP, the native token powering Ripple's Consensus Ledger (RCL). With bitcoin (BTC) support slated for the near future, the platform is poised to become a major player in the global cryptocurrency market. SBI Holdings' strategic partnership with Ripple and its joint ownership of SBI Ripple Asia, a company actively exploring the use of Ripple's blockchain in foreign exchange and interbank money transfers, underscores its long-term vision for VCTRADE.

To celebrate its launch, VCTRADE will waive all transaction fees for XRP/JPY trading, offering users an unprecedented opportunity to trade digital assets seamlessly and cost-effectively. While withdrawal fees will apply for Japanese yen withdrawals, the platform has yet to disclose specific details.

Initially available to a select group of 20,000 pre-registered users, VCTRADE is scheduled to open its doors to the wider public in July 2018. This gradual rollout will allow the platform to optimize its infrastructure and ensure a seamless user experience for its growing customer base.

SBI Holdings' foray into the cryptocurrency realm began in 2016 with the establishment of SBI Virtual Currencies, a wholly owned subsidiary tasked with spearheading the company's digital asset initiatives. Recognizing the burgeoning interest in virtual currencies, SBI embarked on a mission to become Japan's first bank-backed crypto exchange, paving the way for mainstream adoption and institutional-grade trading.

Despite receiving regulatory approval from Japan's Financial Services Agency (FSA) in September 2017, VCTRADE's launch was postponed to bolster the platform's cybersecurity safeguards, following the infamous $530 million NEM token hack from Tokyo-based cryptocurrency exchange Coincheck. SBI's unwavering commitment to security underscores its determination to provide a safe and reliable trading environment for its customers.

In addition to its VCTRADE venture, SBI Holdings has strategically invested in Japan's largest bitcoin exchange, bitFlyer, and acquired a 40% ownership stake in Taiwanese crypto hardware wallet developer CoolBitX. These partnerships suggest that SBI is actively exploring synergies across the cryptocurrency ecosystem, potentially leveraging CoolBitX's cold-wallet technology to safeguard customer assets on VCTRADE.

SBI Holdings' launch of VCTRADE is a watershed moment for the cryptocurrency industry in Japan and beyond. With its deep financial expertise, unwavering commitment to innovation, and strategic partnerships with industry leaders, VCTRADE is poised to become a dominant force in the global cryptocurrency market. As Japan continues to lead the charge in digital asset adoption, VCTRADE's presence will undoubtedly contribute to the growth and maturity of the global cryptocurrency ecosystem.