2018-07-02 20:44:44

One of Ripple’s many partners and Japanese financial powerhouse SBI Holdings is building new cryptocurrency exchange. SBI Holding currently has a userbase of more than 23 million users, which if all will eventually will start using the service like SBI believes they will this can be massive for XRP and cryptocurrency in general.

SBI Virtual Currencies launched its cryptocurrency exchange VCTRADE last month. The cryptocurrency trading platform at first only featured XRP, but they have since added Bitcoin and Bitcoin Cash which all paired with the Japanese yen. The platform is one of the few that has been government-approved in Japan. The platform is only open to a limited number of pre-registered users, but that will change soon.

The full-scale launch is set for this month, and according to SBI, the company expects to bring a flow of users from its huge customer base onto 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.”

In April, the president of SBI Holdings Yoshitaka Kitao said he expects the platform to burst onto the cryptocurrency scene. According to Business Insider Japan, 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 remarked last month that he believes cryptocurrency and blockchain will fuel the next economic boom in Japan.