From as early as May this year, the CEO of SBI Holdings, Yoshitaka Kitao, continually believed that the VCTRADE cryptocurrency exchange will become number one in terms of trading and total user expereince. He is quoted as saying:
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.
VCTRADE was launched publicly on the 17th of July and was recently reported to be swamped by new registration applications to the point where it has issued a notice on its website stating the following:
We are making progress as early as possible so that we can proceed smoothly at our company, but for the time being we will receive an application more than we expected, it may take longer to process than usual. We appreciate your understanding in advance.
So how will the VCTRADE cryptocurrency exchange become number one?
According to recently released financials from SBI Holdings, they plan on creating synergies through the establishment of a new ecosystem based on digital assets and further achieve the following:
- Expand investments into domestic and overseas digital asset based ventures
- Pursuit of synergies within the digital asset ecosystem, and synergies with the existing financial ecosystem
- Create necessary conditions for revitalization of cryptocurrency market
A synergy is defined as the interaction or cooperation of two or more organizations, substances, or other agents to produce a combined effect greater than the sum of their separate effects.
With respect to the SBI Virtual Currencies Exchange (VCTRADE), the firm plans on:
- Acquiring customers through the provision of superior customer services at a low cost as compared to their competitors
- Provide the narrowest spreads and high level security for clients/customers
- Implement a future services expansion policy that might include commission-free trading of BTC, BCH and XRP on VCTRADE
- Provide superior deposit and withdrawal services with rigorous anti-money laundering and security measures
- The addition of Ethereum (ETH) onto the platform
- Accelerate crypto fund businesses with the CoVenture Holding Company: an Asset Management Company based in the US and Co-founded by SBI
- Start a Cryptocurency Swap Trading Service through the Clear Markets Firm in the US. SBI owns a 12% stake and aims at acquiring up to 20%. The Clear Markets Firm provides an over-the-counter derivatives electronic trading service in the US, UK and Japan
The plans of SBI Holdings can be found in their recently published financial report that is available online. This report shows the extent at how the firm/bank aims at being number 1 not only in Japan, but in the entire globe when it comes to dealing with digital assets and especially XRP.
Disclaimer: This article is not meant to give financial advice. Any opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.
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