Japan’s First Ever Bank-Backed Cryptocurrency Exchange

Japanese financial giant SBI Holdings makes history with the launch of the country’s first bank-backed cryptocurrency exchange.

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After months of anticipation, SBI Holdings has finally launched its in-house cryptocurrency exchange. The project had been put on hold for months due to some security concerns but it’s finally live now.

The launch of the VCTRADE platform marks Japan’s first ever bank-backed cryptocurrency exchange. It is now only made available for those users who have previously registered in October last year. However, they are expecting to have the platform available to the public next month.

VCTRADE will initially focus on ripple (XRP) trading and will eventually add support for bitcoin (BTC) and bitcoin cash (BCH) later on.

SBI Virtual Currencies was first establish in October 2016. Business registration with the country’s financial watchdog, the Financial Services Agency (FSA) was completed in September last year but, because of the Coincheck hack and the security concerns brought about by the hack, had to push back the platform’s launch.

SBI Holdings first established its wholly-owned subsidiary – SBI Virtual Currencies – in October 2016 in a bid to launch the country’s first crypto exchange that is fully backed by a major financial institution.

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