The Japanese Financial giant SBI Holdings will start Contract For Difference trading service for crypto assets like Bitcoin, Ether, and XRP. According to the official announcement, the new service will be offered through SBI’s foreign exchange-focused arm, SBI FX Trade. The platform is accepting new account registrations immediately, the announcement notes. The new trading offering will allow SBI clients to trade crypto CFD contracts against the Japanese yen and the US dollar, enabling a total of six new trading pairs.
The first forex exchange business in Japan to offer CFD trading for crypto
According to the official announcement, SBI FX Trade will become the first forex exchange business in Japan to offer CFD trading for cryptocurrencies. A major financial institution in Japan, SBI Holdings has been actively involved in the crypto and blockchain space in recent years. SBI Holdings is a known key partner of major blockchain company Ripple, which develops products on top of XRP, the third-largest cryptocurrency by market capitalization. SBI and Ripple have been collaborating on a joint venture known as SBI Ripple Asia, which intends to promote XRP usage in Asian financial markets.
SBI Holdings plans to integrate Ripple-powered settlement across Japanese ATM.
Earlier Ripple partner and investor, SBI Holdings, announced plans to integrate Ripple-powered settlements across ATMs in Japan. The news was revealed in SBI’s latest financial report, announcing a plan to integrate the Ripple-powered settlements platform MoneyTap with ATMs run by various banks across Japan. The integration by SBI Holdings is intended to provide consumers with easier access to funds at ATMs regardless of their banking affiliation. In 2019, local crypto firm Liquid launched Bitcoin CFD trading, allowed traders to speculate on the asset’s price movements against the Japanese yen and US dollar.