World’s First Crypto Bank with Ripple Support Was Opened

The first crypto bank will support Ripple - CoinShot
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The world’s first cryptocurrency bank VCTRADE, supported by the SBI cryptocurrency exchange, is now open to the public after several months of delays and will support Ripple (XRP).

Japanese financial giant SBI Holdings officially launched its own crypto platform, called VCTRADE last month. Nevertheless, as previously reported, the trade service was available only to a group of selected users who previously registered on the platform in October last year.

In an announcement published on Tuesday, SBI Holdings stated that “the service is now fully open to users between the ages of 20 and 70 who live in Japan”. However, the registration service for corporate clients is still not available.

In its June press release, VCTRADE announced that initially the bank will support the trade of the Japanese yen paired with the XRP tokens, a move that is consistent with the broader support for Ripple tokens in a cross-border blockchain settlement.

Subsequently, the platform added yen-based trading pairs for Bitcoin (BTC) and Bitcoin Cash (BCH) on June 8 and 15, respectively.

Today’s public launch of the service took place almost two years after SBI Holdings first announced plans for its creation in October 2016. It’s worth noting that the platform, on the basis of which a new bank was created, received a license from the Japanese financial observer, represented by the Financial Services Agency (FSA), at the end of last year.

The debut of the bank was postponed for several months as SBI Holdings worked to raise the level of internal security after breaking into Coincheck, which resulted in the seizure of $533 million in cryptocurrency, in January.