Japan’s SBI Group to Launch Crypto Exchange This Summer – Cryptovest

   2018-05-03 00:05

After several delays, SBI Holdings has announced it will launch a cryptocurrency exchange platform this summer.


Japanese financial services provider SBI Group has announced plans to start a cryptocurrency exchange platform this summer, Business Insider Japan reports.

SBI Group CEO Yoshitaka Kitao said during an earnings call last week:

“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. We have to pursue safety thoroughly.”

Kitao expressed confidence that SBI Group’s venture into digital currency trading would be launched without hitches.

The digital exchange platform, which is to be called SBI Virtual Currencies, has seen its official launch postponed several times. It was registered with the Financial Services Agency last September as a virtual currency exchange agent. Kitao said SBI initiated a limited service on January 30 this year for some of its customers.

He added that the platform would accept Bitcoin, Ripple, Ether, Bitcoin Cash, among others.

SBI partners with Huobi for two crypto exchanges

In January this year, SBI Group entered into a partnership with China’s Huobi Group to introduce two cryptocurrency exchanges, including SBI Virtual Currencies. The partnership aims to establish a cutting-edge virtual currency-related business in the Asian region.

Kitao commented at the time:

“In addition to the digital assets exchange platform, the Group (Huobi) has applied its advantages of cryptocurrency-related technologies, know-how and human resources to develop its business in various fields such as information and research service business, wallet services for cryptocurrency management, etc.”

That same month, SBI Holdings launched an artificial intelligence (AI) and blockchain-oriented fund, entrusting its management to the SBI Investment division. The SBI AI & Blockchain Fund is hoping to raise nearly $450 million.

SBI said the fund would focus on opportunities in the AI and blockchain spaces and invest in companies in relevant businesses.