The First Ever Bank-owned Crypto Exchange
Who remembers the tragic fate of Coincheck? It is a Japanese exchange that was hacked last January, and consequently hundreds of millions of dollars were lost. One of its important features was exchanging between crypto assets and fiat. It is still in business, by the way, because it wasn’t shut down by Japan’s regulators back then.
And yesterday another similar platform launched in the same country, but it’s not going to be a failure. All errors and miscalculations of Coincheck have been taken into account by SBI Holdings – the owner of the marketplace. The platform is dubbed VCTRADE. For the time being, it only caters to Japanese nationals, but expanding is, of course, in their plans. Bitcoin, Bitcoin Cash and Ripple are all tokens that were introduced first. And obviously, Ripple is the number one currency in the listing, because Ripple Labs and SBI have been strategic partners for quite a while now.
What’s interesting is that the exchange set an age limitation for its users, so you can’t trade if you’re under 20 or older than 70. Also surprising is that the exchange provider does not consider applications from institutional clients yet. So let’s see how this enterprise will fare in the industry. We have a strange feeling that it might make some headlines in the future.
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