Following the launch of their cryptocurrency exchange, the Japanese finance firm SBI has already allowed for withdrawals of Bitcoin, Ethereum and XRP. On top of this, according to Yoshitaka Kitao - CEO of SBI Holdings - they will also be supporting Bitcoin Cash when the platform launches.
As it says in a recent statement posted on the SBI website, the financial company said that they were prepared to kick start crypto services with the firm expecting the introduction of cryptocurrency to be widely accepted by their base of clients.
“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.”
SBI has been partnered with Ripple since 2016 with the hope that the company will bridge both the financial industry and the blockchain space together. SBI Holdings is in with a lot of cross-border businesses throughout Asia and the Middle East which will use Ripple’s infrastructure to speed up transactions while at the same time, lowering costs.
There is a hope among investors that the system is powered in part by XRP and not just the technology behind Ripple. One of the most crypto friendly countries in the world in Japan. As reported by ZyCrypto, the government in Japan is attempting to help adoption by allowing the cryptocurrency space to grow and regulate itself rather than crackdown on it.
Initially, they had first planned on launching VCTRADE back in July but they were forced to push back the launch date because of the overwhelming amount of users requesting pre-registration. There is such a massive interest in cryptocurrency from Japan’s public, it’s no surprise that SBI is confident that users will adapt to the changes blockchain will bring the financial services sector.
In terms of price, Ripple’s native token XRP is priced at $0.29 after being in the red following a 2.28 percent decrease over the past day.
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