SBI Holdings has made its cryptocurrency intentions clear. Their plan of action is to launch at least one trading platform and explore other options as well. It now appears the company’s cryptocurrency exchange has effectively launched. What makes this venture remarkable is how this venture is fully backed by the Japanese government.
Japan remains a key player in the world of cryptocurrency. The country has legalized Bitcoin as a means of payment quite some time ago. As such, it is only normal the government continues to monitor all activity in this industry. With SBI having the backing of the government for their VCTRADE platform, an interesting situation is created. It is the first time the government officially backs a cryptocurrency trading platform.
VCTRADE is Open for Business
VCTRADE was originally scheduled to launch a lot sooner. Unforeseen security concerns have forced the company to delay its initial plans. Even so, the service is live today and can only be accessed by users who pre-registered in October of 2017. The general public will be able to access the platform and its features around the Summer of 2018.
There is another interesting aspect about VCTRADE. It uses the XRP token as its main currency. While Bitcoin and Bitcoin Cash will be added as well, this is a very interesting development regardless. Using XRP as the main base currency for other trading pairs is rather unheard of in this industry. The parent company also uses Ripple technology for its cross-border transactions. As such, incorporating XRP makes a lot of sense to the company.
Last but not least, VCTRADE is different on the technical side as well. The original plan involves a partnership with Huobi to use its technological resources. That deal ultimately fell through in March of 2018, for unknown reasons. Even so, it seems SBI Holdings has not run into any major issues when launching this new platform. It will be interesting to see how the general public responds to this new platform.
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