Categories: Ripple

Ripple Partner SBI holdings to put more investment into Bitcoin Cash (BCH)

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SBI holdings -- the Japanese financial powerhouse and partner of Ripple announced officially on reddit that they’re planning to put more investment into Bitcoin Cash (BCH). They have plans to acquire more BCH mining hashpower and more. SBI holdings conducted mining business overseas primarily for Bitcoin Cash (BCH) which started in Jan. 2018, and in preparation for another overseas location to start within 2018.

The reasons they gave for holding BCH include: “to improve the mining activity unevenly conducted at a single region, SBI Group’s functional reinforcement in the cryptocurrency ecosystem, ensuring liquidity, and for clearing purposes, contribute to the development of BCH as an active miner (transaction authorizer),” SBI holding ’s Current Management Information Briefing report mentioned. SBI Crypto’s mining share is 5.6% as of April 19, by expanding the mining bases, they will endeavour to acquire a total mining share of 30%.

SBI holdings' cryptocurrency transaction service VCTRADE

Meanwhile, SBI holdings launched cryptocurrency transaction service VCTRADE. They believe that they will be able to bring customers from its huge userbase (more than 23 million people) to its new cryptocurrency exchange.
SBI Holdings Virtual Currencies is a wholly-owned subsidiary of SBI Holdings, Inc. which announced the official the launch of cryptocurrency spot trading service “VCTRADE" on June 4, 2018.

See also: Japanese SBI Holdings Virtual Currencies Adds Support to Two Major Cryptocurrencies

The process of registration as a cryptocurrency and trading business was completed in September 2017. The trading platform featured only XRP initially but later Bitcoin and Bitcoin Cash was added. Since then, they have made significant progress in terms of total trading value and popularity.

There are only a handful of government-approved cryptocurrency exchanges in Japan and this is one of them. So far, it has been open to only a limited number of pre-registered users. However, it is to change very soon. According to SBI, the full-scale launch is scheduled for this month. The company hopes that will be able to bring a flow of users from its huge customer base onto the trading platform.

Image via Shutterstock

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