A year later and it is finally official. SBI has launched the first-ever bank-backed digital asset trading platform called VCTRADE Pro. Not only is SBI VC Trade the first-ever bank-backed exchange, but it is also xRapid enabled and has opened the largest corrido to date in the Japanse Yen. Now all banks in Japan can source liquidity from a reliable source!
SBI VCTRADE Pro will begin only with a few digital assets and we all know XRP will be one of the few. Here is the full list:
Here is the official press release from SBI – http://www.sbigroup.co.jp/news/2019/0731_11618.html
SBI VC Trade Co., Ltd. (hereinafter referred to as “the Company”) has launched the virtual currency spot exchange service “VCTRADE Pro” (hereinafter referred to as “VCTRADE Pro”) in the virtual currency exchange system of the Company. I will let you know.
1. Service start date of VCTRADE Pro
2. Overview of VCTRADE Pro
Since June 4, 2018, the Company has provided virtual currency spot trading service “VCTRADE” (hereinafter referred to as “VCTRADE”) in a sales office system. In addition to VCTRADE, we will start offering VCTRADE Pro to meet your trading needs.
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 among the customers.
In VCTRADE Pro, it is possible to trade in virtual currency while watching the market volume of trading on the board screen.
In addition, VCTRADE Pro is a service provided as a virtual currency exchange business based on the money settlement law, and it is not a exchange or private transaction system provided under license, approval, etc. based on the Financial Instruments and Exchange Law.
3. The currency pair of VCTRADE Pro
XRP / JPY, BTC / JPY, ETH / JPY
We will continue to expand our service in the future, and we appreciate your continued patronage.
Now let’s not get VCTRADE Pro mistaken for VCTRADE. These are 2 different platforms. VCTRADE PRO acts more like a Coinbase, as the customer makes a bid or places a selling price for each virtual currency. All orders will be displayed on the live board.
One of the more popular and liked XRP community member CryptoEri, who actually lives in Japan and speaks fluent Japanese was able to confirm all of the details for us:
Physical Trading (the sales board) will be live tomorrow in Japan, July 31st on SBIVC Trade per a briefing today from Mr. Kitao. A special XRP campaign (give away) is planned, for both Volume & New Account Opening Soon. More to follow in video. pic.twitter.com/mbJCJo5w5p
— CryptoEri (@sentosumosaba) July 30, 2019
To finish off this article lets be clear on one thing. Everyone expects an immediate run up in price. That is not the case nor will it be the case. Let’s look at the positives, SBI is live, trading has kicked off without any hiccups, the Japanse Corridor is now opened and over time we will see volume slowly start to grow. Hang in there, everything is going to be just fine.