SBI Holdings has made a significant move to raise the standard of Vctrade, a crypto exchange belonging to the financial firm. Now, all deposits made in the name of Bitcoin, Ethereum and Ripple have a place on the exchange platform.
The Inevitability of Growth
Constant growth is one of the features of a thriving company, and SBI Holdings knows this. SBI Holding happens to be a Japanese financial giant, and just recently, it launched a crypto exchange of its own, which is known as Vctrade. Now, here’s the news update… Vctrade is taking its bar a lot higher by accepting deposits from Ripple (XRP), Bitcoin (BTC) and Ethereum (ETH). This news was made public by the company in a press release delivered on Dec. 21.
Also included in the announcement is that the exchange, which came into existence in July, is taking into account the addition of Bitcoin Cash (BCH) deposits after subjecting the cryptocurrency to further evaluation. Taking into consideration all that SBI is putting together for the crypto community, it is not surprising that the company still has some kink to work out.
The company has made it clear that expecting crypto withdrawals to commence immediately will not be possible as that will only be made available towards the end of Jan 2019 and that the service will only be accessed through what the company calls a “designated wallet”, which is simply a hardware wallet. Through this, withdrawals can take place from late January 2019.
Will SBI Holdings Compromise On Security?
SBI, being a financial giant, knows the importance of having top-notch security and that is one of the reasons for the provision of one specific wallet for withdrawals, as disclosed in the announcement. The use of the single particular wallet is to “link the address pertaining to the customer,” to make sure that measures taken by the company to restrict terrorist financing and money laundering on the exchange are appropriately implemented.
From the reports made available on the website of SBI Holdings, the company has more than 92 million yen ($828,000) paid-in capital and consolidated employees numbering over six thousand. An announced interim result showed that the company realized revenue of 176 million yen ($1.584 million) in the six months ended September 30 2018.
More Partnerships to Stay Ahead
According to a report from way back in September, the SBI Savings Bank, a smaller organization owned by SBI Holdings, went into an agreement with Dayli Intelligence, a blockchain technology and artificial intelligence company, through the signing of a Memorandum of Understanding to strengthen its fintech business.
Notably, SBI Holdings made an additional investment in LastRoots, a crypto exchange. This was announced in August by SBI Holdings.