Japan is making a lot of progress in the field of digital currency. Just recently Japan-based SBI Holdings announced that its subsidiary would launch a cryptocurrency exchange by the name of Vctrade.
However, there are some restrictions relating to Vctrade at this point in time. Currently, this exchange is available for those users only who registered in October last year. However, it seems that this exchange has gained a lot of popularity quite quickly. About 20,000 users have just applied recently for account opening. These applications will be treated as advance applications.
However, Vctrade will be accepting the new account opening applications from July onwards. At the moment Vctrade deals with a limited number of digital currencies. It deals with the Bitcoin, Bitcoin Cash and XRP.
This virtual exchange offers spot trading only at the moment. The currency pair that is available for spot trading at this point in time is XRP/JPY. The incentive for the customers is that they do not have to pay any transaction fee. The settlements are carried out in Japanese Yen.
Most of the cryptocurrency investors should think along the lines of making investments using the Vctrade. There is a reason behind this move. Vctrade is a licensed exchange. This means that the user investments will be safe when they make investments using Vctrade.
This exchange has the honor of being one of the 16 exchanges that have been approved by the government. The initial plan was that this exchange was supposed to be launched last year. However, the company wanted to approve its accepting application system. This is why this exchange was not launched till this system was ready.
The company behind Vctrade has big plans. SBI Holdings intends to expand its business in Asia. This means that Vctrade will also get the due popularity and will be able to extend its reach to users of other countries.
Though the future of Vctrade seems to be quite promising the users should play it safe. They should make sure that they have adequate insight about Vctrade before they make any investments. The investors should also have a clear idea about the operation of the Vctrade.
This way they will not have to worry about the fact that they will lose any money at the end of the day.
It seems that Vctrade will continue its successful journey and is bound to give the competitors a tough time.