Ripple (XRP) and the SBI Holdings Group have enjoyed a fruitful partnership for over 2 years now. What has resulted in the partnership is the formation of SBI Ripple Asia that has spearheaded the adoption of Ripple technologies in the region as well as innovation in the industry of fintech. So far, Ripple has access to over 61 banks in the consortium that makes up SBI Holdings.
It is, therefore, no surprise that the SBI Group wants to release a cryptocurrency exchange that plans to utilize XRP as the centerpiece for trading on the platform. The exchange, known as SBI Virtual Currencies, has updated its website and is now live for trading for users who had pre-registered back in October 2017. One thing to note is that XRP is the only cryptocurrency on the site that has been described in terms of what it is and its capabilities. The exchange will alter add Bitcoin Cash (BCH) as the second traded digital asset on the platform.
This means that the CEO and President of SBI Holdings, Yoshitaka Kitao, was serious when he said that once the exchange is ready, it will feature primarily XRP and the exchange will eventually be number one. The exchange had been scheduled for launch this summer and the XRP HODLers and the entire crypto-verse is applauding and excited with the launch today, June 4th.
One thing to remember is that the country of Japan is home to over 3.5 Million crypto traders and HODLers. These traders are between the ages of 20 and 40. This will be the target demographic of the new crypto exchange by the SBI Holdings Group.
With respect to the cryptocurrency markets, they are still showing some upward mobility in terms of gains since the entire market came to its knees on Tuesday, the 29th of May. On this date, the total market capitalization of the crypto markets came to a recent low of $303 Billion and Bitcoin (BTC) was trading at $7,100 levels. The crypto markets have since regained $40 Billion at the moment of writing this and the total market capitalization stands at $345 Billion.
Bitcoin (BTC) is now trading at $7,629 and looks like it is on its way to levels close to $8,000. With respect to Ethereum, the coin is now valued at $621. Our beloved Ripple (XRP) is currently valued at $0.67 and up 3% in 24 hours. The aforementioned launch of the SBI Virtual Currencies exchange is what many Ripple HODLers were waiting for this summer. Expectations of the platform are high in terms of assisting XRP to reach the $5 levels everyone is asking about.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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