Today I’m going to be talking to you about Japanese Financial Giant SBI, and their official launch of VCTRADE, SBI’s cryptocurrency exchange.
SBI had previously launched VCTRADE earlier in July 2018 last year. However, they restricted the withdrawals of cryptocurrencies. The experience was very limiting for users as the users could also only use the hardware wallet that the company designated to them.
Now, AMB Crypto reported that the limited user experience wasn’t the default of the exchange, but it was to ensure that compliance of anti-money laundering laws and prevent money laundering or terrorist financing.
The crypto industry has experienced a pretty negative experience when it comes to money laundering or terrorist financing, so it made sense for SBI, a huge financial institution to be super careful with these rules.
But this means that, with this VCTRADE’s proper rollout, SBI can bring Bitcoin, XRP, Ethereum, and Bitcoin Cash to their 23 million clients!
If you guys are not aware, SBI Holdings is a major financial Giant that was initially founded in 1999. According to their website, they announced that they had over six thousand employees. On top of this, they were also listed on the Forbes Global 2000 List.
They’re a major company with the potential to shake up the cryptocurrency industry. They have a lot of influence and power in the Japanese financial market and can catalyze further mass adoption.
I know I mention further adoption a lot in my videos, but each of these circumstances, the Governments passing crypto bills, Facebook looking into blockchain technology, Binance supporting Visa and Mastercard, and Nasdaq investing in blockchain, they’re all fantastic examples of the push forward towards a more crypto and blockchain world. As for this circumstance, it’s a prominent financial leader, keen to onboard their existing clients and introduces new ones to crypto and blockchain. With large companies, they carry with them experience, and reputation, two things that the crypto and blockchain industry currently lack.
But it's not the first time SBI has dabbled in the cryptocurrency sector. They’ve recently partnered with R3, Ripple, and other well-known and prominent companies in the crypto space. Despite the bearish market, it doesn’t look like the company is slowing down anytime soon. Last August, SBI Holdings had also increased its share in Japanese cryptocurrency exchange LastRoots. It’s clear that SBI is keen to become a global leader in the payments and cryptocurrency sector.
It’s really exciting that cryptocurrency exchange VCTRADE’s launch is just around the corner. Mr. Yoshitaka Kitao, the president, CEO, and chairman of the board is keen to ensure that the company is a global leader before the Osaka Expo in 2025, allowing investors to gain significant exposure to cryptocurrencies and blockchain technology and how they will change and revolutionize the way payments and remittances are done today.
So what are my thoughts on this situation?
It’s excellent news for the cryptocurrency industry. On CryptoPanic, I couldn’t help but notice a few people feeling quite sceptical about the matter. CryptoPanic user Stroo mentioned, that “it’s 23 million accounts, not individual clients. And they hope to onboard their existing clients, which 90 per cent probably won’t even read their ad and delete it as spam. Just another crypto exchange. Guys, be honest with yourself, after investing purely in stocks, government bonds etc., would you consider buying into “crypto Ponzi scheme which is 95% down and will go to 0 soon? Cause that’s the current narrative for the average Joe."
While the launch of VCTRADE will be exciting, what Stroo has to say here is also true, Most traditional investors and those who hold bonds will most likely not touch cryptocurrencies. But I’m sure we all knew that earlier before. What I’d be keen to see is those that do make the jump to crypto, even if 1 per cent do consider cryptocurrencies as an option, that’s another step closer to greater adoption.
Apollo74 also suggested that most of the firms like SBI Holdings are market driven.
So their desire to push for cryptocurrencies and a cryptocurrency exchange means that there must be a large number of internal requests for cryptocurrency investment options. So before we point out the grim side of things, let's keep in mind the positive ones!
Now, I do understand that the market is bearish, and most respectful companies will not push cryptocurrencies on their clients as it could be very damaging to their image and brand. But I believe that by just monitoring the news every day, there’s been a lot of positive news from regulations, to greater adoption of blockchain, to people opening up more to cryptocurrencies. It’s definitely slower than what it was in 2017, but it’s maturing as there are fewer counts of fraud and ICO scams. While the market isn’t performing as well as we like, the industry is still holding on strong.
What are your thoughts on the situation guys?
Do you think SBI’s VCTRADE is going to make a difference to the crypto industry?
Or do you think more needs to take place to kickstart the era of crypto mass adoption?
Let me know what you guys think in the comments below.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.