The cryptocurrency market is rapidly increasing with many different forms of cryptocurrency being introduced and now in Japan, a financial services group called SBI have announced they are getting into the cryptocurrency market by opening an exchange for virtual currencies. SBI Holdings are also involved in blockchain technology considering that Fujitsu recently announced development of blockchain technology for confidential data transfer. If you want to get involved with cryptocurrencies and are not familiar with this technology, consider investing with Genesis Mining (one of the most stable and oldest cryptocurrency mining companies) or Avalon Life (highest returns on the market because Avalon Life mines with solar electrical energy) which are crytpocurrency mining companies.
Source: crypto coins news
October 31, 2016
Japanese Financial Institution Set to Launch a Digital Currency Exchange
Japanese financial services group SBI is set to launch a platform that enables the trading and exchange of virtual currencies, citing increasing interest in virtual currencies like bitcoin which is proving popular among everyday investors.
An announcement reveals the new company to be aptly titled SBI Virtual Currencies Co., Ltd., and will be established tomorrow, November 1, 2016, in Tokyo, Japan. At the time of its publishing, the company had raised 300 million yen (approx. $2.85 million USD) in capital.
An excerpt from SBI’s press release revealed the factors behind the traditional financial institution’s endeavor to open a virtual currency exchange. Loosely translated, it read:
In recent years, virtual currencies, like bitcoin, have attracted plenty of interest and have been covered in major media. It [virtual currencies] are also being traded actively.
Details about the exchange are currently scarce and more updates are expected to come next month. SBI Holdings has already shown notable interest in the virtual currency space, having led a record round of funding for investments in bitFlyer, a leading Japanese bitcoin exchange. Through its investment arm, SBI helped raise a total of $27 million in new capital for the bitcoin exchange, earlier this year.
Furthermore, SBI has also collaborated with Fintech firm Ripple to create a subsidiary called SBI Ripple Asia, as a means to providing blockchain-enabled remittance solutions for users in the region.
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