SBI Holdings to Launch Bank-Backed Crypto Exchange

Finally, Japanese major financial institution launched the cryptocurrency trading platform
04 June 2018   483

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.

Gemini & Partners to Launch Virtual Commodity Association

Association is created to develop standards for the industry, promote transparency in the market and cooperate with regulators, including the CFTC
20 August 2018   92

Several major exchanges decided to create a new structure designed to eradicate manipulation in the digital assets market, Bloomberg reports.

The Virtual Commodity Association was formed by the founders of the exchange Gemini Cameron and Tyler Winklewoss. According to a statement released on Monday, the group also included Bitstamp, BitFlyer USA and Bittrex. Representatives of four trading platforms will meet in September to consolidate the provisions for the future functioning of the organization.

The Virtual Goods Association will develop standards for the industry, promote transparency in the market and cooperate with regulators, including the Commodity Futures Trading Commission of the United States (CFTC), in order to prevent manipulation of Bitcoin, Ethereum and other currencies.

As the temporary executive director of the organization, Maria Filipakis, who worked in the Financial Services Department of New York, was appointed, where she took part in the creation of a BitLicense.

Earlier, the Winklewoss brothers tried to launch their own ETF, tied to bitcoin, but the US Securities and Exchange Commission denied them twice, as the reasons for its decision, among other things, calling for the absence of adequate measures to prevent cryptocurrency market manipulations.