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Ripple [XRP] – SBI Group partnership results in SBI Virtual Currencies

Anirudh VK

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Ripple [XRP]-SBI Group partnership results in SBI Virtual Currencies
Source: Unsplash

SBI Group, one of Japan’s premier banking institutions, recently announced the release of their SBI Virtual Currencies platform. XRP is the exclusive currency offered at the launch.

This comes after the domain was activated on June 1st. The platform provides virtual currency exchange and trading services, with the service being called “VCTRADE”. It was officially launched by President and CEO of SBI Group, Yoshitaka Kitao.

In the official press release, it was clarified that the platform had completed the required paperwork to make it a valid exchange in September 2017. The service offered advance booking for customers in October 2017, with a quoted 20,000 people offering their details for advance reservation.

The release also stated that account opening applications for new users will begin in July 2018, which coincides with their original plan of launching the exchange in summer.

Great news for Ripple bagholders ensued, as the trading platform will offer the XRP token exclusively at the launch. The release said [trans.]:

“…we are planning to handle XRP first and then expand it to Bitcoin and Bitcoin Cash (BCH) sequentially.”

Ripple and SBI Group have been in a partnership since January of this year. This partnership was entered into to meet the growing demand for Ripple’s solutions in Asian markets.

The company has hired Secom Trust Systems Co. Ltd. as a third-party firm to ensure smooth operation of the wallet and provide “services in a perfect system.”

The exchange does not charge any transaction fees except the withdrawal fee that is charged at the time of withdrawing cryptocurrencies. The settlements will be done in Japanese Yen, as is to be expected.

Investors rejoiced, with Reddit user ImSteezy saying:

“Mooning to Japan!”

User reverse_park said:

“Here we go boys let’s see some long awaited price action”

User mikenard77 said:

“NICEEE, people have been able to log in for awhile. The people who were allowed access of the beta. I think what you mean is the people who they sent out registration cards to can now log in!!!!”


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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

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