Crypto Exchange Owned By SBI Holdings Sees a Surge In Demand
SBI Holdings, which opened a cryptocurrency exchange named VCTRADE on July 18, is seeing an unexpected flood of applications that its employees are working overtime to complete the account opening formalities.
The Japanese bank backed crypto exchange has officially announced through its website that prospective clients may have to wait for the cryptocurrency trading account to be established.
VCTRADE is currently offering only Ripple (XRP), Bitcoin (BTC) and Bitcoin Cash (BCH) for trading on its platform. However, it is planning to add more cryptocurrencies in the months ahead. The parent company SBI Holdings was expecting a portion of its client base of 23 million to sign up for the account. However, the company never expected a sudden rush of clients.
Before the launch, SBI holdings issued the following statement
“At the launch of full-scale services, expecting customer inflow from the SBI Group’s customer base of 23.47 million, specifically, SBI SECURITIES with approx. 4.26 million accounts, SBI Sumishin Net Bank with approx. 3.21 million accounts, and SBI Liquidity Market, including SBI FXTRADE, with approx. 1.05 million accounts, etc. Through mutual collaborations between business ecosystems, endeavor to realize a seamless trading environment between existing financial ecosystem companies.”
SBI Holdings made its first investment in Ripple two years ago. The company is involved in several other businesses including investment banking, brokerage, foreign exchange related services, P2P lending, and insurance, among others.