Japan’s Strategic Business Innovator Group also referred to as SBI Group has unveiled new plans for its cryptocurrency exchange. The company intends to kickstart the best cryptocurrency service for the country.
Strategic Business Innovator Group [SBI] is a financial service company based in Tokyo, Japan. The company offers services like securities, loans, financial advice, etc. The company owns one of the largest security brokerages in Japan with a total of 8.5 million accounts of financial affiliates such as SBI Securities Co.Ltd.
The company had initially planned to fully launch a cryptocurrency exchange named SBI Virtual Currencies in the middle of 2017 and the latest by the beginning of 2018. However, the plan was postponed following the Coincheck hack, trouble with its capital and issues regarding the business alliance agreement with China’s Huobi Group.
These circumstances led the company to refrain from fully launching the exchange even though it had already received its license. SBI Virtual Currencies has, however, been offering a limited service to a few customers since January 30th, according to Business Insider Japan.
President and CEO Yoshitaka Kaito stated at a press conference that the company would start the crypto exchange around summer and would support major cryptocurrencies like Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum [ETH] and Ripple [XRP]. He also states that the exchange is not a white-label of other exchanges but a self-developed one. Kaito is pretty confident that his exchange will be the best service in the industry.
Yoshitaka Kaito, the CEO of SBI says:
“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.”
SBI plans on launching one or two cryptocurrency exchanges with Ripple [XRP] trading as its pillar of exchange. This exchange might have direct Ripple [XRP] pairing with major currencies in Asia. This means that the countries of South Korea and Japan will have a good opportunity of trading directly using Ripple [XRP]. The majority of the Ripple [XRP] holders hail from Japan and Korea. Approximately 3.5 million Japenese are estimated to be actively trading with Ripple [XRP] as one of their preferences.
:“Congratulations XRP holders ~ SBI in Japan will launch exchange with FIAT PAIRING for RIPPLE. No doubt huge impact on price since 45% of XRP is traded in Japan & South Korea.”