According to CRYPTIMI, a media product that caters to the ever-growing crypto and blockchain world, the Japan-based financial giant, Strategic Business Innovator (SBI) Holdings announced that customers of its new crypto exchange VC Trade will be able to trade virtual currencies come March 2019.
Despite the fact that VC Trade is a startup exchange platform, the SBI Group already serves a customer base of 23.47 million people, all of whom will have access to the new exchange. SBI clients are already able to make deposits as well as withdrawals of Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). Additionally, SBI CEO Yoshitaka Kitao announced the exchange will be supporting Bitcoin Cash (BCH) when it launches.
Japan adoption continues apace
In a recent tweet, Kitao said; “SBI Virtual currency Exchange VC Trade, Exchange-style cryptocurrency trading available from March-now you can buy and sell XRP, BTC, ETH, BCH in the Sales office format from the virtual currency.’’ Before this, withdrawals were restricted and users only had the option of using a ‘designated wallet’.
The financial service headquartered in Tokyo, released a document on its website recently stating that they are ready to roll out crypto services and onboard users from their 23.47 million customer base. According to the document,
“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.”
SBI and Ripple Partnership
Ripple is a U.S based company that aims to disrupt the banking and financial sectors through its blockchain based payment solutions. The platform has over 200 partnerships with various banks and financial players across the globe. Also, Ripple is leveraging its proprietary products like xVia, xCurrent, and xRapid to process payments in a fast, secure and transparent way compared to traditional methods.
The merger between the two companies led to the establishment of a joint venture called the SBI Ripple Asia Co., Ltd. The main goal towards this is so as to provide a next generation payment platform powered by the distribute ledger technology, to financial institutions and payment transfer providers in Asia.
“XRP is faster, cheaper and more scalable than any other digital asset. I strongly believe it will become the global standard in digital currencies.” –A statement from the SBI Group’s CEO, Kitao.
World’s First Bank-Owned Cryptocurrency Exchange Opens in Japan
Adoption. That’s the key right? Once the masses adopt crypto, we can all retire early and talk about those crazy times when the overall market cap was only in the billions. Can you imagine the day? Well we’ve taken one step closer, in my opinion, as Japan becomes the first country where a bank owned exchange opens.
SBI group, founded in 1999, while relatively young have taken this first innovative step in the exchange world. In many cases crypto exchanges and companies find it extremely difficult to open accounts with banks, get credit, etc. because banks are very negative towards crypto. This could be a first step, and model, for future institutional investment.
SBI has opened up trading on its exchange named VCTRADE, and being a bank-owned crypto exchange, it is the first of its kind in the world. Japan is crypto-mad and has arguably the biggest cryptocurrency markets, which makes 20,000 pre registrations no surprise.
The overall cryptocurrency market had a wonderful week surging from $249bln to $281bln representing a 12% increase in the past seven days. Bitcoin lead the way and dragged everyone with it. Thanks BTC. The good news continues to flood in, as you will see below, and the crypto market keeps trucking along. Imagine for a moment a 1 trillion dollar market. We’re allowed to dream, right?
Bitcoin (BTC): BTC SURGED this week and blasted through the $7k mark increasing from $6,284 to $7,420 as of this post. Needless to say, the crypto community was losing their shi*t this week on twitter. Oh and has anyone noticed, as if out of nowhere, the bull charts re-appeared as if like magic.
Ethereum (ETH): Where BTC goes, crypto goes. Though ETH could not hold on to it’s high of $511 on Wednesday, ETH grew 6% to $463 as of this post.
Cardano (ADA): Dubbed “blockchain 3.0”, Cardano is a fully open-source, decentralized public blockchain and cryptocurrency project. It’s in fact the first blockchain platform to be built from peer-reviewed academic research, featuring some of the world’s foremost universities (among which are the University of Edinburgh and the Tokyo Institute of Technology).
Founded by Charles Hoskinson, former Ethereum CEO and early founder. Cardano has a 3 year roadmap split into eras, with each era featuring major improvement and introduction of some features. It’s currently in its bootstrap era, which they have named the Byron phase. In this current era, IOHK is working on stabilizing and tweaking its blockchain, and making significant improvements to the Cardano core.
As you can see in the graph below ADA had it’s parabolic phase, but swiftly retraced to it’s support of $0.20.
Congratulation to our winners of ‘An Altcoin Traders Handbook’! – Check your inbox for our email as we will need some additional details to send your winnings!!
Purse.io and BCH come together. Best use case to date? – Whether you are a Bitcoin maximalist or Bitcoin Cash aficionado, the fact is, fees are cheaper when using Bitcoin Cash and on On Friday, May 18, 2018, Bitcoin Cash (www.bitcoin.com) announced their partnership with Purse.io?
The Pirate Bay is crypto mining once again! – Piracy websites have faced backlash for years from governments and companies whose copyrighted properties have been infringed upon. In consequence, few reputable companies seek to do business with them, making it much harder for these types of sites to turn a profit. Queue crypto mining to the rescue!
Robinhood App Review – FINALLY! We finally get our hands on the Robinhood app and give it a thorough once over for your benefit. Fee less trading never felt so good. Check it out!
One Year Later: Comparing BTC to BCH (transactions/volume/github) – It’s been one year since the controversial fork of Bitcoin (BTC) to create Bitcoin Cash (BCH). We’ve writen about the two main figures of this fork, Jihan Wu and Roger Ver, in the past but today we want to look at the numbers. The cold.hard.facts. As President Trump would say……
India is Building a City with the Help of Blockchain– Newly formed Southern Indian State calls for a new capital. The nation decided to turn it into a state-of-the-art smart city. And that means using blockchain technology!
Malta Has Rightfully Earned Its “Blockchain Island” Nickname– Malta has long been known as the favorite destination of iGaming companies around the world. Now it seems the island is shifting from online gambling to the novel blockchain technology.
Etherpoly.io is launching a new decentralized Ethereum game – Etherpoly.io (OLY) is a new decentralized game in which users can interact by acquiring, improving and trading virtual cities. It is a new decentralized game in which users can interact by acquiring, improving and trading virtual cities. Read on for more details!
World’s First Bank-Backed Crypto Exchange Finally Opens to the Public – Japanese financial giant SBI Holdings formally launched its in-house crypto trading platform, dubbed VCTRADE, last month. Yet, as reported by CoinDesk at the time, the trading service was only available for a group of selected users who pre-registered with the platform last October.
Major League Baseball is going crypto – Later this summer, Major League Baseball digital collectibles are coming to the Ethereum blockchain. Lucid Sight, a blockchain gaming company, is launching MLB Crypto Baseball, through a licensing deal with MLB.
– The floodgates could be about to open in the cryptocurrency market. BlackRock, the world’s largest asset management firm, with $6.3 trillion in assets under management, is exploring bitcoin.
Schnorr is Looking Graceful to Become Bitcoin’s Biggest Change since SegWit– Last week, influential developer, Pieter Wuille uncovered a draft which outlined the technical makeup of the Bitcoin upgrade. Now, with stronger foresight and passion, Bitcoin upgrade is all set to enter the implementation phase.
South Korea Will Subsidize Blockchain Startups– The South Korean government has announced a plan to revise the current tax rules to widen benefits for companies that focus on the development of nascent technologies, including blockchain, as part of the country’s push for innovation growth.
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