Japan-based cryptocurrency exchange recently went live for a limited number of customers and did so with one cryptocurrency support so far. It began today, the financial service’s crypto spot trading service is available for approximately 20,000 users. Its full crypto exchange launch for the general public is scheduled for next month with two additional cryptocurrencies.
On Monday the 4th of June, SBI Holding announced that its wholly-owned subsidiary, SBI Virtual Currencies, has launched a cryptocurrency exchange service with the name Vctrade. The firm noted that; We have officially announced the availability of the virtual currency exchange service Vctrade. Vctrade is however only currently available to users who pre-registered in October of last year.
Nikkei, an Asia-focused English language publication stated that; We began mailing passwords etc. necessary for transactions to more than 20,000 customers who had applied to open accounts in advance… We will accept applications for general account opening in July. As stated by another news publication, Itmedia, the applications for general account opening will be accepted from July 18. In addition to that claiming to have the industry’s lowest spread.
SBI confirmed that; As for the virtual currencies handled, first of all, we deal with XRP, then sequentially, bitcoin (BTC) and bitcoin cash (BCH).
The exchange will start trading BTC and BCH by the July launch. At the moment, the only currency pair listed on the exchange’s website is XRP/JPY for spot trading. None of the transactions there are settled in Japanese yen. However, the withdrawal is free, tax included, is 51 yen for any amount withdrawn to SBI Sumishin Net Bank. SBI Sumishin Net Bank is an internet bank jointly established by SBI Holdings and Sumitomo Mitsui Trust Bank. As for other financial institutions, the fee, including tax is 165 yen, that is for any amount less than 30,000 yen and 258 yen, tax includes for any amount over 30,000 yen.
In terms of security, SBI detailed that it is collaborating with Secom Trust Systems on the operation of a wallet and we will strive to provide services in a perfect system.
SBI was going to launch its own exchange sometime last year but it had to postpone back in December stating that it needed to strengthen the account opening application acceptance system. In February, the firm also postponed the launch of the exchange, noting that it decided that it will take a certain amount of time to further strengthen security measures, how to manage assets under custody, and customer management system in user conservation of virtual currency exchange operations.