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Home News Japan’s SBI Holdings Plans to Launch Its Cryptocurrency Exchange By This Summer

Japan’s SBI Holdings Plans to Launch Its Cryptocurrency Exchange By This Summer

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Japan’s SBI Holdings Plans to Launch Its Cryptocurrency Exchange By This Summer

In the latest announcement, Japan’s biggest financial service company SBI Holdings has finally updated its plans to fully launch a cryptocurrency exchange. Japan’s local publication Minkabu says that SBI had earlier planned to launch the the SBI Virtual Currencies “in the autumn of 2017 and at the latest the beginning of 2018.”

However, the company had been facing some roadblocks like trouble in its business alignment agreement with China’s Huobi Group as well as revision of its internal operations after the latest Coincheck hack. As a result, the company had to hold back its plans from fully launching its exchange even though it had received an official license rom the Japanese Financial Services Agency (FSA) in September of last year.

Last week, in a press conference, President and CEO of sBI Holdings – Yoshitaka Kitao said that the company is now all prepared to launch a crypto-exchange business in this summer and that it “is not a white label of other exchanges but a self-developed” one. Since January 30, SBI Virtual Currencies has been offering limited services to few of its customers, reports Business Insider Japan.

While commenting on the cryptocurrencies that will be supported upon launch, Kitao said: “it is assumed to be major virtual currencies, [including] bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), [and] ripple (XRP).”

While talking about the launch of the exchange, Kitao said: “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].”

After the incident of the Coincheck hack, Kitao also said that one of the most important things in the crypto industry is building trust.

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