The First Crypto-Exchange Backed By Bank Sees a Launch in Japan

The First Crypto-Exchange Backed By Bank Sees a Launch in Japan

Finally, after months of a setback, the first cyber-money trading venue in the world, backed by a conventional bank, has been launched and is now available for all users.

The exchange, named VCTRADE, was officially pre-opened for a limited number of customers by the SBI Holdings last month. The latter is a prominent Japanese financial services company.

Long-Awaited Opening

In June, he Tokyo-based SBI Holdings opened its in-house crypto-platform for a confined number of customers who pre-registered with the exchange last year fall. The platform was expected to be launched later, but due to delays, it saw a final launch only this week.

On Tuesday, July 17, the Japanese financial titan published an announcement, saying that its crypto service is now available for all customers, aged 20-70 and who are inhabitants of Japan. Nevertheless, the news is positive only for private users, whereas the corporate ones will have to wait a little bit more as the service isn’t available for them at present.

Expectations vs. Reality

When VCTRADE opened in June for a certain number of clients, it notified that it would support trading of yen, the Japanese public currency, against XRP, which is run by a crypto-startup Ripple. As CoinDesk mentions, it was a move that corresponded with the company’s more extensive support for XRP in international DLT arrangement.

Interestingly, the exchange added what, perhaps, no one expected – such trading pairs as yen-BCH and yen-BTC. They were added on June 8 and June 15, accordingly.

It took VCTRADE 2 years to get it started, perhaps, due to security issues. The public setup of a platform occurred nearly two years since SBI Holdings first notified about its intentions to establish a crypto-bourse in October 2016. At the end of 2017, the venue obtained an operating permit from the Financial Services Agency, the Japanese financial watchdog.