SBI Holdings plans to launch a cryptocurrency exchange in Japan this summer. However, it is yet to issue the exact date the service will be up and running.
The announcement follows a series of postponements. The company previously slated the launch in autumn of 2017, but saw best to postpone until the beginning of 2018. It was again forced to postpone the launch in March 2018 as one of Japan’s largest exchanges, Coincheck, was hit by a major hack, resulting in cryptocurrencies loss totaling millions.
SBI holdings had no option other than postponement. Though it possesses a license for operation from the Financial Services Agency, timing was not on their side.
President and CEO, Yoshitaka Kitao, says launch is nearing. “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 [the workload],” said Mr. Kiato.
SBI Holdings Crypto Exchange
The proposed exchange will play host to all major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Bitcoin Cash (BCH). There is already talk that Bitcoin Cash will be the settlement currency in the exchange.
SBI Holdings launching a cryptocurrency exchange does not come as a surprise. Japan plays host to more than 3.5 million individuals trading cryptocurrency assets. Trading volume has already increased from $22 million as of 2014 to highs of $97 billion last year.
SBI Holdings intends to set itself apart from competition by offering low spreads, drawing more people to the platform.
This isn’t the first time that SBI Holdings has ventured into the cryptocurrency space. In March, the company completed a 40% stake acquisition in Taiwanese cryptocurrency hardware wallet provider, CoolBitX. The firm offers CoolWallet, which is used to communicate with other devices via Bluetooth.
Undoubtedly, the launch of SBI Holdings cryptocurrency exchange will send shockwaves to similar businesses in Japan. The financial service provider is one of the largest security brokerages firm in Japan. It currently handles over 8.5 million accounts.