SBI Holdings to Launch Bank-Backed Crypto Exchange

Finally, Japanese major financial institution launched the cryptocurrency trading platform
04 June 2018   1151

After a long delay associated with security risks, the Japanese financial company SBI Holdings announced the launch of its own exchange, CoinDesk reports.

Service VCTRADE is currently only available to those users who have been pre-registered in October 2017. It is expected that the site will be open for general public in July this year.

In a statement issued on Monday, SBI explained that for the first stage VCTRADE will provide services for XRP trading. Later, the exchange is planning to list Bitcoin and Bitcoin Cash, however, it does not specify a time frame.

The decision to launch XRP trading can be explained by the close ties of SBI Holdings and Ripple: companies are engaged in joint development of solutions for cross-border payments based on the blockchain.

SBI Holdings has opened a division focused on the market of digital assets in October 2016. It was going to launch the country's first crypto exchange fully backed by a major financial institution.

The platform was registered with the Financial Services Agency of Japan in September 2017, but in February of this year it reported that it has postponed its launch because of fears that arose after the hacking of the Coincheck exchange.

Binance to Launch BTC-Pegged Own Chain Based Token

In this way exchange wants to transfer crypto based on own blockchains to its ecosystem and  increase liquidity and trading volumes at Binance DEX
17 June 2019   158

In the coming days, Binance Exchange will launch a series of BEP2-tokens, tied to different cryptocurrency rates, on its own Binance Chain blockchain. The first token of this type will be BTCB - its rate is tied to Bitcoin.

BTCB is backed with bitcoins located in Binance reserves. The address for storing bitcoins has already been made publicly available, so that users can verify that the token has the necessary support.

In the future, the BTCB / BTC trading pair will be launched on Binance.com. With its help, users will be able to convert the original cryptocurrency into the Binance Chain token. The price spread in this case will be about 0.1%.

According to Binance, in this way it can transfer cryptocurrencies based on its own blockchains to its ecosystem and currently not represented in the Binance Chain. The company expects the launch of new tools to increase liquidity and trading volumes at Binance DEX.

While this approach is more centralized than atomic swaps, we believe it provides a higher degree of ease-of-use to most traders. And most traders are already trusting Binance.com to hold their funds anyway.
 

Binance Team

To date, Binance has independently reserved 9,001 BTC and released 9,001 BTCB. The BTCB / BTC trading pair on Binance.com will tentatively appear within a day, and an asset will be added to Binance DEX after approval of the relevant offer.