SBI Holdings, the Japanese banking giant revealed its plans to expand its Crypto products to institutional investors in a recent interview with Cointelegraph. SBI’s Crypto platform called as VCTRADE launched in July last year with three Cryptocurrencies including Bitcoin (BTC), Bitcoin Cash (BCH) and XRP after receiving regulatory approvals. Later it also added Ethereum (ETH) onto the platform.
Despite initial hurdles, the platform has performed really well recording profits of 360 million Japanese yen (approximately $3.2 million) as revealed in April this year. Now the banking giant wants to expand to institutional clients, an SBI spokesperson said:
“SBIVC currently offer services only for retail customers, After AML/CFT method and custody solution that we are planning to implement are finalized, we would like to move forward and start providing services to institutional investors.”
SBI is connected to a large network of banks and boasts having a huge customer base, which is why it is perfectly suited to offer Crypto products and drive adoption. SBI is also closely associated with Ripple, the company’s CEO Yoshitaka Kitao joined Ripple’s board of directors in April.
The banking giant decided to delist Bitcoin Cash (BCH) from its platform in June this year. Bitcoin hard forks have had a troubled journey, Bitcoin Cash was split into BCH ABC and Craig Wright led BSV in November last year. After the fork, several exchanges like Binance and Kraken have delisted BSV.
Craig Wright’s company nChain has business ties with SBI, but it claims that the decision was not based on conflict of interest but was “in fact premeditated and was done in consultation with the Japanese Virtual Currencies Exchange Association”.
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