Japan’s first bank-backed cryptocurrency exchange featuring Ripple (XRP), Bitcoin (BTC) and Bitcoin Cash (BCH) is working overtime to accommodate a crush of users signing up at a rapid rate.
SBI Holdings’ VCTRADE opened to the public on July 18th, and despite preparing for huge demand, the company says it’s receiving more applications than expected. New users will have to wait before they can be cleared to start trading.
SBI Holdings has previously stated that it expects to onboard customers from its huge user base of more than 23 million people on board, but apparently didn’t see this level of demand coming.
“At the launch of full-scale services, expecting customer inflow from the SBI Group’s customer base of 23.47 million, specifically, SBI SECURITIES with approx. 4.26 million accounts, SBI Sumishin Net Bank with approx. 3.21 million accounts, and SBI Liquidity Market, including SBI FXTRADE, with approx. 1.05 million accounts, etc.
Through mutual collaborations between business ecosystems, endeavor to realize a seamless trading environment between existing financial ecosystem companies.”
SBI Holdings first invested in Ripple back in 2016. The company offers a long list of services to its customers, from brokerage and investment banking to foreign exchange services, insurance, peer-to-peer lending and more.