SBI Holdings, one of the largest financial institutions in Japan, has launched their own cryptocurrency exchange called SBI Virtual Currencies today.
They will use Ripple XRP exclusively, and it will the only digital asset on their platform.
The subsidiary of SBI Holdings, SBI Securities currently controls more than 4 million brokerage accounts all of which will have access to their new exchange.
In a post on Ripple’s site from last August, SBI Holdings CEO and Executive Chairman Yoshitaka Kitao, told Ripple Insights why SBI Holdings believes so strongly in XRP.
“Not only does it have a clear use case, XRP is faster, cheaper and more scalable than any other digital asset,” Mr. Kitao said. “I strongly believe it will become the global standard in digital currencies.”
Along with this SBI Virtual Currencies will also integrate the xRapid system which will allow users, payment providers and bank transfers to be done through XRP and will allow conversions between XRP and the Japanese Yen and vice versa.
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