A year ago, Japanese Internet giant SBI holdings announced the launch of its public version crypto exchange, dubbed as VCTRADE. The latest report reveals that the platform is kicking off VCTRADE Pro for virtual currency board trading.
On July 17, 2018, SBI announced VCTRADE, indicting the network will cater to the XRP token and other leading cryptocurrencies. As per the press report published on July 31, 2019, SBI VC Trade Co. Ltd which is the most famous giant known for embracing Ripple states that; they are starting the virtual currency spot trading service called “VCTRADE Pro” in the virtual currency exchange system.
According to the report, it will initially list XRP/JPY, BTC/JPY, and ETH/JPY with more services come in later days. The service begins from today, the Wednesday, July 31st, 2019. However, on July 30th, 2019, at the presentation of the financial results, President Yoshitaka Kitao hints SBI VC Trade will be a subsidiary of SBI Securities. He says that SBI VC Trade will encourage, support, and promote the various initiative to enhance the profitability of business associated with digital assets.
SBIVC Opens Virtual Currency Board Trading
While VCTRADE continues to serve as a sales point system method since 2018, VCTRADE pro will serve trading needs from today.
It states that VCTRADE pro isn’t a private transaction system or an exchange works under license, an approval issued/provided by Financial instrument and Exchange law. Instead it works as a virtual currency exchange business on the money settlement law. SBI Group explains VCTRADE pro as follows;
Unlike the VCTRADE (sales point system) method, in which VCTRADE Pro concludes a sales contract for cash virtual currency between the Company and the customer when it is promised by offering bid and sell prices for each virtual currency, all customers The order will be displayed on the board, and we will use the method (exchange method) to mediate the sales contract of the customers’ virtual currency between customers.
Accordingly, users can access to board screen to watch the market volume of trading and trade in virtual currency accordingly. It’s worth to note that when VCTRADE was announced in 2018, only three cryptocurrencies were available to trading, XRP, Bitcoin and Bitcoin Cash. Nevertheless, the firm is offering XRP, Bitcoin, and Ethereum to access trading service of VCTRADE.
In a nutshell, XRP is the common currency, SBI has been bullish on. So far, SBI has seen as the active blockchain player since a few years, being super fervent on Ripple payment networks and cryptocurrency, XRP.
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