A Japanese fintech company has launched its cryptocurrency exchange called "VCTRADE". This crypto exchange was developed just fifteen months after the announcement was made. The Japanese based company SBI on Monday announced via their official website that the exchange would begin trading Ripple (XRP). This announcement came as a shock to the entire crypto community as most exchanges developed would, first of all, begin trading Bitcoin. According to the announcement, BTC tokens would begin trading on the exchange. Also, the exchange has also announced that Bitcoin Cash (BCH) would also be traded on the platform in the coming weeks.
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This crypto trading platform would be available for users who have already registered prior to August 2017. This exchange would be available for use beginning July 2018. Although it has been announced that Bitcoin and its fork Bitcoin Cash would be added to the trading platform, there has not been a fixed timeline for this integration to happen. If you have been following the updates of the crypto market, this would definitely not come as a shock to you because it was SBI's technology for remittance that makes it possible for the Ripple network to have an expansive reach and to offer fast and secure transactions.
This exchange was supposed to have been launched a long time ago, but certain security concerns made the company to halt its launch. As mentioned earlier, only those who pre-registered to trade on this platform in August would be eligible to begin trading as soon as the exchange has been opened. One of the major highlights of the launch of this exchange is that it makes use of the Ripple XRP as its native coin. This crypto exchange happens to be different from the other ones that have been developed, it has entered into a partnership with Huobi to make use of its technological resource in the future.
This exchange has been registered with the Financial Agency of the country and the first announcement concerning the delay of the launch of the exchange occurred in February. This platform makes the Ripple XRP, its first token that would be added to the platform and according to experts, this announcement might see the price of the crypto rise to an unprecedented amount in the coming weeks. Most are of the opinion that the announcement might also result to the fall in the price of the Bitcoin in Japan. If this platform is officially declared open next month, only the pre-registered investors would be able to begin trading immediately.
Most importantly, this trading platform has an easy to use interface which makes it easy for users all over the world to begin immediately trading and exchanging the Ripple XRP token. Like other centralized exchanges, the VCTRADE exchange is backed by a traditional bank which would help compensate users if there is an attack or hack on the network. Like every centralized exchange, this trading platform is also prone to hack, that is why users are advised to send their tokens to their wallet once they have purchased them.
Do you think it will have an impact on XRP price?
I personnaly think it won't, as I believe that XRP price is artificially surpressed by whales. But, of course I am always open to new opinions.
Thanks for the post !
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