Skip to content

Blockchain News Feed

All the latest news on Blockchain & Cryptocurrencies

Menu
  • Home
  • News
  • Exchanges
  • Market Analysis
  • YouTube
  • Brave Browser
Menu

World’s First Bank-Backed Crypto Exchange Debuts in Japan

Posted on juni 5, 2018 by Blockchain News

The Japanese financial services behemoth, SBI Group, announced the launch of its in-house cryptocurrency exchange on June 4, 2018, following months of anticipation and delays.

Delayed Plans

In May 2018, BTCManager reported that SBI was looking to open Japan’s first banked-owned cryptocurrency exchange. Delays slowed plans due to security concerns following the loss of $432 million by Coincheck when it was hacked in January 2018.

SBI

(Source: SBI)

The announcement named SBI Virtual Currencies Co. Ltd, a wholly-owned subsidiary of SBI Holdings as the corporate entity behind the new service called ‘VCTRADE.’ Further information later published also revealed that for the time being, the cryptocurrency trading activity available to users is currency pairs trading with Japanese Yen and Ripple (JPY/XRP).

“Starting With Ripple”

The company stated that VCTRADE is starting off exclusively handling Ripple (XRP), before subsequently expanding into Bitcoin (BTC) and Bitcoin Cash (BCH) respectively at an unspecified time in the future. More than 20,000 users who completed the pre-registration process already have access to the platform, while applications for ordinary account opening will be processed from July 2018.

According to SBI Group, the benefits offered to customers using VCTRADE to execute XRP trading include access to the industry’s lowest spread and a world-leading low-latency trading environment that uses the same matching engine as the NASDAQ. BTCManager has reported previously on the collaboration between SBI Holdings, and San-Francisco based Ripple through SBI Ripple Asia.

The partnership involved a pioneering payment technology using a blockchain infrastructure to affect international transactions. It was one in a string of collaborations between traditional financial institutions and blockchain tech startups that illustrates the growing reach of cryptocurrencies.

Banks and Crypto: A Growing Trend

Even as SBI Holdings becomes the first globally-recognized financial institution to launch its in-house crypto exchange, it is the latest in a series of announcements and actions that form a growing trend of mainstream adoption for cryptocurrencies and blockchain technology.

Between October 2016 and September 2017, SBI Holdings launched SBI Virtual Currencies and finalized all its paperwork with the Japanese Financial Services Agency (FSA). Around the same time in November 2016, it was reported that the West African Economic Union (UEMOA) was considering launching a bank-backed cryptocurrency in Senegal.

More recently in May 2018, Union Bank of the Philippines announced that it would increase its blockchain programmer workforce from 30 to more than 100 by the end of 2018, with a target of 20,000 in a few years time.

Silvergate Bank, though relatively unknown, is one such bank already reaping the benefits of the crypto-boom; the bank managed to double its assets to nearly $2 billion in 2017 by serving cryptocurrency exchanges. Silvergate works closely with Gemini, bitFlyer, and Kraken.

The post World’s First Bank-Backed Crypto Exchange Debuts in Japan appeared first on BTCMANAGER.


Source: BTCManager.com
Original Post: World’s First Bank-Backed Crypto Exchange Debuts in Japan

Ledger Nano X - The secure hardware wallet

Recente berichten

  • Here’s the Next Ethereum-Level Opportunity for This Market, According to Investor Who Called Crypto Reversal
  • Addressable Raises $7.5M to Enable Web3 Companies to Acquire Users at Scale
  • Web3 Hackathon on Astar sponsored by Toyota Motor Corporation
  • Biswap DEX Unveils Improved AMM as Part of Its Ambitious 2023 Roadmap
  • Web3 Hackathon on Astar sponsored by Toyota Motor Corporation

Categorieën

  • Altcoin Buzz
  • Altcoin Buzz News
  • AMBcrypto
  • Bitcoin.com
  • Bitcoinist
  • BTC Manager
  • CCN
  • Coin Mastery
  • Coindesk
  • Coinpower News
  • Cointelegraph
  • CryproSlate
  • Crypto Daily
  • Crypto News (.net)
  • Cryptocoin News
  • Cryptocurrency News
  • CryptoDaily.co.uk
  • CryptoPotato
  • CryptosRUs
  • Daily HODL
  • DataDash
  • Ethereum Worldnews
  • Exchanges
  • ICO's
  • Invest in Blockchain
  • Market Analysis
  • News
  • News BTC
  • Newsbit
  • Portfolio
  • Pricecheck
  • Ready Set Crypto
  • The Modern Investor
  • ToshiTimes
  • Use The Bitcoin

Archieven

  • februari 2023
  • januari 2023
  • december 2022
  • november 2022
  • oktober 2022
  • september 2022
  • augustus 2022
  • juli 2022
  • juni 2022
  • mei 2022
  • april 2022
  • maart 2022
  • februari 2022
  • januari 2022
  • december 2021
  • november 2021
  • oktober 2021
  • september 2021
  • augustus 2021
  • juli 2021
  • juni 2021
  • mei 2021
  • april 2021
  • maart 2021
  • februari 2021
  • januari 2021
  • december 2020
  • november 2020
  • oktober 2020
  • september 2020
  • augustus 2020
  • juli 2020
  • juni 2020
  • mei 2020
  • april 2020
  • maart 2020
  • februari 2020
  • januari 2020
  • december 2019
  • november 2019
  • oktober 2019
  • september 2019
  • augustus 2019
  • juli 2019
  • juni 2019
  • mei 2019
  • april 2019
  • maart 2019
  • februari 2019
  • januari 2019
  • december 2018
  • november 2018
  • oktober 2018
  • september 2018
  • augustus 2018
  • juli 2018
  • juni 2018
  • mei 2018
  • april 2018
  • maart 2018
  • februari 2018
  • januari 2018
  • december 2017
  • november 2017
  • oktober 2017
  • september 2017
  • maart 2017
  • juni 2016
  • juli 2014
  • september 2013
  • augustus 2013
©2023 Blockchain News Feed | Design: Newspaperly WordPress Theme