First Bank-Supported Crypto by SBI

Strategic Business Innovator (SBI) Group which is a financial services company group based in Tokyo, Japan declared on Monday that its domestic crypto exchange is now acting after a long delay during several months.

VCTRADE, as it is called now, is at the moment only open for users who have pre-registered with the platform in October 2017, but the company said in that it hopes it will be accessible for a greater public in July of this year.

Moreover, SBI said that the first step of VCTRADE will be to pay attention on the XRP (native token derived from Ripple) trading, through which the exchange will successively gain supports for bitcoin and bitcoin cash.

SBI Holdings primarily instituted its affiliate- SBI Virtual Currencies – in October 2016 in a bid to start the country’s first crypto exchange that is fully supported by a main financial institution.

Later the platform supplemented and executed business registration with Japan’s Financial Services Agency (FSA) in September 2017 but in February of the current year it has declared that the opening would be postponed because of safety concerns amid the Coincheck hack.

The new service can be restarted after SBI Virtual Currencies has revoked a partnership in March with crypto exchange Huobi that would use the latter’s financial and technological resources to launch VCTRADE.