SBI Group Eyes Summer Launch for Crypto Exchange

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Tokyo-based financial services giant SBI group is reportedly eyeing a summer launch for its cryptocurrency exchange, ‘SBI Virtual Currencies’, this year.

Business Insider Japan revealed that SBI Holdings president Yoshitaka Kitao has confirmed the much-awaited launch of SBI Virtual Currencies in what is dubbed as Japan’s first completely bank-owned cryptocurrency exchange. Kitao disclosed this info during a press briefing on April 26. Kitao highlighted plans for a summer launch, which is around June and September in Japan.

Yoshitaka also said SBI Virtual Currencies will support bitcoin, Ethereum, ripple, bitcoin cash and other cryptocurrencies. Yoshitaka, who is also the executive chairman, chief executive and president of SBI Holdings, confidently announced that the bank-backed exchange will make a mark as the number one exchange in the competitive Japanese cryptocurrency ecosystem.

In a statement, Yoshitaka said:

When we do it, it will be number one in the blink of an eye, so quickly. So, even if a tremendous number of customers come, we will have a system that can bear [the influx of users]. We [also] have to pursue safety [norms and standards] thoroughly.

The SBI Group first announced its plans to launch a cryptocurrency exchange in October 2016 and established SBI Virtual Currencies Co., Ltd., on November 1, 2016 with an estimated 300 million yen ($2.85 million) in working capital.

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