SBI Holdings, Japan’s financial services giant has made its intention clear to enter the crypto industry as it was speculated since the past 12 months. The speculations were due to the news that the firm intended to launch a cryptocurrency exchange towards the end of 2017 which was later postponed. This fresh announcement is an extension of the previous plan as they look forward to lunch an exchange this summer.
The company declared:
“We are going to draw conclusions in the summer of 2018 for a full-fledged start date while identifying the movement of regulatory authorities.”
Apart from the SBI holdings, many other popular companies have been considering their entry to the cryptocurrency world. But, SBI was the most recent to confirm after the postponement due to the Coincheck hack. They had also run into some minor issues with their business alliance agreement with Huobi Group in China.
These two incidents withheld the progress for exchange launch but didn’t abduct the entire plan. They went through the licensing process to operate in Japan with an exchange platform without a working project.
The company has not yet announced the official dates for the launch. Also, it is still unclear as to which cryptocurrencies will be listed on the platform except the fact that the market will expect the more popular currencies like Bitcoin, Ethereum, Ripple being in the top. Bitcoin Cash and Litecoin to be considered in their listings.
What is clear is that the supported currencies will have a Japanese Yen trading market but will have to wait for confirmation to see if all currencies fall under this category. The company’s statement said that SBI Virtual Currency Semiconductor under SBI Holdings registered on September 29th, 2017, with the Financial Services Agency as a virtual currency exchange agent.
The President of SBI Holdings Inc., Yoshitaka Kitao stated:
“When we do it, it will be number one in the blink of an eye so quickly, so even if a tremendous number of customers come, we can build a system that can bear.”
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