The growth of the crypto market is an unquestionable reality, despite the skepticals. Detracting a priori from something like blockchain technology and the possibilities of good of cryptocurrencies is at least imprudent. And aware of the benefits that cryptography is bringing for the good of the economy in general, more banks begins to take decisive steps in its support. In this particular and more specifically it is doing so through the Japanese financial services giant, SBI Group, which in turn announced the launch of its cryptocurrency exchange.
SBI Group was already showing signs of moving towards the opening of an Exchange of bank-owned cryptocurrencies in Japan. They went through some delays due to security problems after the loss of $ 432 million by Coincheck when it was the object of a pirated cyber attack in January 2018, which forced us to rethink some things in order to prevent such situations in the future.
SBI Virtual Currencies Co. Ltd, a subsidiary of SBI Holdings, is the entity that is operating and offering this new service in Japan, called ‘VCTRADE’. For the time being, the cryptocurrency trade available to users of this service is the exchange of currency pairs with yen and Ripple (JPY / XRP), before subsequently expanding with Bitcoin (BTC) and Bitcoin Cash (BCH), respectively in the near future. It was learned that more than 20,000 users who completed the pre-registration process already have access to the platform.
‘VCTRADE‘ has a world-leading low latency trading environment that uses the same engine as the NASDAQ, among other value features to incentivize users of the new service.
Between October 2016 and September 2017, SBI Holdings launched SBI Virtual Currencies, pioneering this adoption of its own cryptocurrencies, and finalized all its documentation with the Financial Services Agency (FSA) of Japan in a successful manner to achieve that step. With this, an important trend of adopting cryptocurrencies typical of banks began to be observed, a trend that is observed in growth. Cases like this we can list in countries like the Philippines, Kuwait, and now the same Japan that are adding examples of this trend.
In recent days we commented by this way that emerging technologies such as blockchain are demonstrating great capacity to serve as effective solutions for financial services, and many banks are looking with good eyes on the possibility of joining blockchain networks such as Ripple. The adoption of blockchain networks in conventional banking will be a trend of significant growth in the short and medium term, and that will impact in the long run the entire financial system, in which we will observe with increasing frequency the adoption of our own cryptocurrencies and the incentive that this possibility will bring both for the public, and for the global economy in general.