SBI’s Newly Launched Crypto Exchange VCTRADE Adds Support for Bitcoin, XRP and Ethereum

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by Wanguba Muriuki · 3 min read
SBI’s Newly Launched Crypto Exchange VCTRADE Adds Support for Bitcoin, XRP and Ethereum
Photo: SBI Virtual Currencies / Twitter

SBI’s VCTRADE announced that they have added support for XRP, Bitcoin, and Ethereum. Ripple is excited by this announcement and believes their token, XRP, will achieve worldwide adoption due to the support.

A lot has happened in the crypto universe recently. However, anything that happens around XRP, ETH, and BTC is bound to make waves in the general crypto community. Thus, they have a great influence on the rest of the market. On December 21, SBI Virtual Currencies said that other virtual currency exchange wallets will offer these tokens.

Their VCTRADE cryptocurrency exchange confirmed that they will accept deposits in XRP, BTC, and ETH. The subsidiary of the Japanese investment giant also said that the delivery of the sending service will be released sequentially.

The news triggered excitement especially in the XRP community who thought SBI’s move will push XRP’s adoption. The company has thrived in 2018 as we reported earlier that the company Soft-Launched the World’s First Bank-Backed Crypto Exchange.

The Announcement

SBI holdings said that they anticipate most of their 23 million customers will use the new features. However, it is not clear when trading will start. The statement read:

“At the launch of full-scale services, expecting customer inflow from the SBI Group’s customer base of 23.47 million, particularly, SBI SECURITIES with around 4.26 million accounts, SBI Sumishin Net Bank with about 3.21 million accounts, and SBI Liquidity Market, including SBI FXTRADE, with nearly 1.05 million accounts.”

The company further noted that normal operation of the BCH blockchain will proceed as usual. Also, the deposits of the cryptos will be available for customers. VCTRADE will make the announcement when the groundwork is ready. According to the release, the delivery address must correspond with the address related to the company’s selected hardware wallet.

The registered address will receive the wallets by mail with the customer themselves expected to receive it. These strategies aim at limiting money laundering cases and other illicit activities. The service may go live in January 2019.

What It Means for XRP

The announcement came amid fights by leading cryptos especially XRP trying to maintain market relevance. XRP is also trying to drive its own adoption campaigns. Back in mid-July, we announced that the Crypto Trading Platform VCTRADE went open to the Public. The platform was designed to trade the indigenous XRP token derived from the Ripple protocol.

The XRP community has received the news with pleasure. Recently, Ripple, the company aiming at supporting the adoption of XRP globally partnered with SBI’s Asia base to create MoneyTap. The statement said:

“SBI Ripple Asia will provide appropriate information to users in addition to the registration of electronic payment agency operators in order to ensure that the electronic payment agency business pertaining to “MoneyTap” gets proper implementation in the future.”

The mobile-based application may accelerate XRP’s adoption worldwide. SBI said that its primary target in partnering with Ripple is to introduce safe and easy-to-use transactions at minimum costs. XRP is among the cheapest tokens to transfer.

To learn more about XRP coin, Ripple company and their innovative solutions, please check out our awesome guide.

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