The financial services company is expanding its offering to include cryptocurrencies in the very near future.
Japan-based financial services giant SBI Holdings has reportedly pulled the curtain back on its plans to launch a cryptocurrency exchange this summer. While previously expected as early as Fall 2017, SBI Holdings delayed the launch of what the firm is calling SBI Virtual Currencies following the aftermath of the Coincheck hack and after a collaboration with Huobi Group fizzled out.
SBI Holdings Executive Chairman, CEO, and President Yoshitaka Kitao said in an announcement that the SBI Virtual Currencies exchange will offer Bitcoin, Ethereum, Bitcoin Cash, Ripple, and other cryptocurrencies. Kitao also asserted that Bitcoin Cash would be the settlement currency, due to the scarce supply of Bitcoin making it expensive and “tiring as a settlement currency.” Ripple would be the remittance currency, Kitao added.
Kitao says that SBI Virtual Currencies “is not a white label of other exchanges but a self-developed” exchange, and believes the new exchange will become “number one in the blink of an eye.” The exchange hopes to scale quickly, so that “even if a tremendous number of customers” sign up, SBI “can build a system that can bear [the workload].”
Yoshitaka Kitao recently assumed the office of director of the newly established cryptocurrency self-regulatory body, the Japan Virtual Currency Exchange Association which includes 16 other fully-licensed exchanges.
SBI Holdings has already received a highly sought after license from the Japanese Financial Services Agency this past September. Much like the reason for the exchange’s initial delay, the Coincheck hack where over $500 million in NEM was stolen, has caused the FSA to tighten its grip on regulations of the crypto industry in the region.
SBI Holdings is the parent company behind SBI Securities Co, LTD. which is one of the largest security brokerages in the country.
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