SBI prepares summer launch of new crypto exchange

The new platform will support major digital currencies such as Bitcoin, Ethereum and Bitcoin Cash

SBI prepares summer launch of new crypto exchange

SBI Holdings, the investment arm of Japanese financial giant SBI Group, plans to launch its digital currency exchange in the summer, The Cointelegraph has reported, citing recent news published in the local media.

As reported by Business Insider Japan on April 27, SBI Holdings president Yoshitaka Kitao recently announced that the new platform, called SBI Virtual Currencies, would support digital tokens such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH). Kitao went on to explain that BCH would be regarded as the settlement currency, as the scarcity of BTC made it expensive and “tiring as a settlement currency”. He added that Ripple would be a remittance currency.

Kitao expressed confidence about the exchange’s future, suggesting that it would quickly become a leading trading platform for virtual coins.

“When we do it, 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. [sic] We have to pursue safety thoroughly, he said, as quoted by Cointelegraph.

Las December SBI Holdings signed an agreement with Chinese exchange Huobi to collaborate on the launch of the SBI Virtual Currency Exchange, as well as another crypto trading venture, Huobi Japan. However, in March, the Japanese company cancelled the partnership as it decided to develop the SBI Virtual Currency project in-house, using SBI Group’s own resources, rather than Huobi’s technology and expertise in running cryptocurrency exchanges. The company explained that it needed a system that incorporates higher levels of security and which can respond promptly to domestic and overseas regulations. The move came just a few days after Japan’s financial regulator, the Financial Services Agency, had unveiled a series of punitive measures, aimed at several digital currency exchanges deemed to have insufficient security.

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