VC Trade, a cryptocurrency exchange backed by Japanese financial giant SBI Holdings has announced that they will be accepting Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). The company announced in a press release on its official website on 21st of December.
The VC Trade marks the entry of a new exchange into a crypto ecosystem of Japan. The declaration further notes that the exchange is planning to promote Bitcoin Cash (BCH) deposits after further estimation of the digital currency.
SBI Holdings has clarified that crypto withdrawals won’t be accessible until late January 2019, and will be confined to a custom built wallet that the organization refers to as ‘designated wallet.’
According to the announcement by the company in Japanese, it roughly translates to the following:
“VC Trade is all set to provide its customers with a virtual currency receipt service from 21 st December 2018 (Friday). As a result of this, we will now be accepting Bitcoin (BTC), Ripple (XRP), and Ethereum (ETH) from the virtual currency handled by the company from the wallet, etc. of another virtual currency exchange trade.”
The ability to only use one designated wallet, according to the company’s announcement, is supposed to ‘link the address related to the customer,’ to establish adequate implementation of Anti-Money Laundering and Counter-Terrorist Financing measures on the exchange.
SBI Holdings also stated that it is expecting to welcome consumers from its extensive user base of more than 23 million people.
The Japanese firm also said that through mutual collaborations between business ecosystems, it would develop a seamless environment between existing financial ecosystem companies.
Yoshitaka Kitao, the CEO of SBI Holdings states that “When we do it, it will be a 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. We have to pursue safety thoroughly.”
With Mr.Kitao’s statement, it is clear that he is optimistic about the rollout of the new exchange. The exchange allowed users to sign up ahead of its official launch back in July and they also reported that a considerable flow of users registered their accounts.
According to SBI Holdings’ website, the company has paid-in capital of over 92 million yen ($828 million), and approximately six thousand consolidated employees. The company registered over 176 million yen in revenue ($1.584 million) according to an interim results announcement in the six months which ended on 30th September of this year.
It is also worth knowing that SBI Holdings recently launched its ‘Money Tap’ mobile application that has been designed in accordance with Ripple to incorporate its xCurrent protocol. xCurrent is a payment module that allows for swift and streamlined bank-to-bank transfers across the globe.