According to reports after many months of delay, the first ever crypto exchange backed by a bank is now open for services. SBI Holdings the Japanese financial giant responsible for this new development launched its first ever bank-backed cryptocurrency exchange platform. The crypto exchange platform is known as VCTRADE. According to the report, as at the time of the announcement VCTRADE was only made available to a selected audience who were pre-registered to the exchange since last October.
VCTRADE Will Be Open To Users in Japan Who Are Between 20-70 Years of Age
According to SBI Holdings in an announcement released this past Tuesday, the startup said the bank-powered crypto exchange service is now fully functional and open for individuals between the ages of 20–70. All users must reside in Japan. As of press time, since the report came to light, a registration service for corporate clients has not been made available yet on the exchange.
At its launch this June, the bank-backed exchange announced that it would be supporting trading of Japanese yen against the XRP token (the native token of Ripple) initially. This is a move that sees the exchange align with Ripple as well as proving its broader support for the XRP token in cross-border blockchain transactions. Subsequently, the bank-backed exchange went on to include yen-based trading options for Bitcoin Cash (BCH) and Bitcoin (BTC) as of June 8 and 15.
Initial Announcement of The Exchange By SBI Holdings Was Two Years Back
The platform’s public launch comes two years after SBI Holdings announced it plans to build a bank-backed cryptocurrency exchange, with the platform receiving its operating license late last year from the country’s financial regulatory authority, the Financial Services Agency. The exchange endured turbulent times before its launch as its debut was delayed as SBI worked to boost its levels of internal security after the massive 533 million USD hack at Japan’s Coincheck exchange January this year.