SBI Virtual Currencies, owned by Tokyo-based SBI Holdings, just launched a cryptocurrency exchange in Japan that’s powered by Nasdaq’s trading system (matching engine) technology. The new exchange, VCTRADE, is offering Ripple’s XRP as the first cryptocurrency on its platform.
VCTRADE will extend SBI’s core businesses in securities, banking and insurance. Today’s launch is part of a larger rollout of the platform. According to the announcement, the exchange will initially be available to only 20,000 investors who have pre-qualified. Support of Ripple’s XRP as a trading pair with the Japanese yen will carry no transaction fees.
SBI plans to expand the platform in July 2018 when open enrollment begins. In addition to XRP, the exchange plans to list Bitcoin (BTC) and Bitcoin Cash (BCH) in the near future.
Nasdaq’s involvement in VCTRADE is another remarkable sign that cryptocurrency trading is gradually becoming enmeshed with Wall Street. Earlier this year, digital asset exchange Gemini announced that it would also be using Nasdaq’s surveillance technology to help monitor the company’s marketplace. Meanwhile, Goldman Sachs recently announced plans to open a crypto trading desk in a follow-up to its investment in Circle,