SBI Holdings to Bring Major Cryptocurrencies to Millions of Users in March 2019

By Swati Kishore

As the launch of their digital currency exchange, VCTRADE, approaches, the Tokyo-based financial services company SBI Holdings has enabled the process of deposit and withdrawal of some of the top digital currencies such as XRP, ETH, and BTC.

The Chief Executive Officer at SBI Holdings, Yoshitaka Kitao explained that after the launch of the crypto exchange, the platform will also start support for Bitcoin Cash.

As per the latest statement on their official website, the Japanese financial giant has revealed that they are prepared to provide crypto services. Their partner Ripple also anticipates the introduction of digital currency to be accepted by their wide base of customers.

The announcement reads as follows,

“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, endeavour to realize a seamless trading environment between existing financial ecosystem companies.”

With its ongoing partnership with Ripple since the year 2016, SBI Holding is looking to integrate the industries of finance and Blockchain to create new synergies. By leveraging Ripple’s technology, SBI will be able to conduct faster transactions at low costs. The financial giant is involved in transborder transactions across the regions of the Middle East and Asia. Investors are expecting that SBI will power its transactions through Ripple’s cryptocurrency XRP.

SBI had initially planned to launch the VCTRADE crypto exchange in July, but the massive number of users asking for pre-registration forced the company to push back the date of the launch. The growing interest of Japanese citizens in the world of cryptocurrencies give SBI the right fuel to expand their services using the distributed ledger technology of Blockchain.