SBI Holdings is a Japanese financial powerhouse that teamed up with Ripple. They are bringing customers from their massive user base of over 23 million people to the new crypto exchange.
SBI Virtual Currencies launched VCTRADE last month, and the crypto trading platform initially features only XRP on its listing.
By now, they also added Bitcoin and Bitcoin Cash, and they are now all paired with the Japanese Yen.
The platform is one of a handful of government-approved crypto exchanges in Japan, the platform is open to a limited number of pre-registered users, but this is about to change.
The full-scale launch takes place by the end of July
The full-scale launch is scheduled to take place this month, and SBI explained that the company expects to bring a massive flow of users from its vast customer base to the platform.
“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, endeavor to realize a seamless trading environment between existing financial ecosystem companies.”
Back in April, the president of SBI Holdings Yoshitaka Kitao stated that he expects the platform to have a massive success in the crypto space.
Business Insider Japan reported that Kitao said once the platform fully launches “it will be number one in the blink of an eye so quickly, so even if a tremendous number of customers come, we can build a system that can bear [it].“
Kitao stated last month that he believes that cryptos and the blockchain technology will fuel the next economic boom in Japan. SBI Holdings invested in Ripple in January of 2016.
The company offers a wide variety of services to its customers, from brokerage and investment banking to foreign exchange services, insurance, peer-to-peer lending and more.