SBI to Launch a New Crypto Exchange for 23 Million Clients

SBI to Launch a New Crypto Exchange for 23 Million Clients

Japan-based financial giant SBI Holdings announced that customers of its new cryptocurrency exchange VC Trade will be able to trade virtual currencies in March 2019.

In the third quarter results’ conference, SBI’s CEO Yoshitaka Kitao affirmed that the restriction to withdrawal cryptocurrencies will end in March 2019. SBI implemented the measure as a part of AML rules compliance and to prevent money laundering or terrorism financing.

However, starting in March, VCTrade will allow customers to trade XRP, Bitcoin, Ethereum, and Bitcoin Cash. In a recent tweet, Kitao said: “SBI Virtual currency Exchange VC Trade, Exchange-style cryptocurrency trading available from March-now you can buy and sell XRP, BTC, ETH, BCH in the Sales office format from the virtual currency.

 The firm also highlighted in the presentation its user base of more than 23 million people. “At the launch of full-scale services, expecting customer inflow from the SBI Group’s customer base of 23.47 million, specifically, SBI SECURITIES with approx. 4.26 million accounts, SBI Sumishin Net Bank with approx. 3.21 million accounts, and SBI Liquidity Market, including SBI FXTRADE, with approx. 1.05 million accounts.”

SBI expects to cash out from their 23 million users base as new clients for the novel feature of the VC Trade platform

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