SBI Unveils New Plans For Its Cryptocurrency Exchange

3 months ago admin2 Comments Off on SBI Unveils New Plans For Its Cryptocurrency Exchange

While initially scrapping its plans to develop a cryptocurrency exchange in conjunction with partners. SBI Holdings has today announced new plans to more forward with the development of their own self developed exchange.

President and CEO of the company, Yoshitaka Kitao announced the development of the company’s own exchange, confirming that SBI’s exchange is “not a white label of other exchanges but a self-developed” one.

Kitao continued on to list the major cryptocurrencies which will be made available and expanded upon when it is launched. “it is assumed to be major virtual currencies, [including] bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), [and] ripple (XRP).”

Their new exchange is set to launch by the Summer and comes alongside the news that Japan has since become one of the leading countries for cryptocurrency trading. This news provides a great number of opportunities for SBI, having to previously delay development.

SBI Holdings had previously announced a partnership with Chinese cryptocurrency startup, Huobi. In an attempt to develop its own coin exchange within Japan while also providing Huobi with a foothold in a fast expanding Japanese market.

While initially scheduled for the first quarter of 2018. The plan has since been delayed and cancelled, according to a statement by SBI. The company cited that the project was cancelled due to difficulties surrounding its existing business agreements with Huobi.

The recent hacking of Coincheck which resulted in the theft of over $530 worth of NEM also caused SBI to re-evaluate the development of the project.

The move demonstrates an unfortunate turn of events; with the collaborative project already being awarded a license by Japan’s Financial Conduct Authority (FCA). Earlier this year, several Japanese exchanges were subject to suspensions and improvement orders.

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