The first-ever Bank-backed xRapid enabled exchange has launched today. It will be providing liquidity to XRP to Japanese Yen.
📢【仮想通貨の取引所サービス「VCTRADE Pro」開始のお知らせ】
— SBI VC Trade (SBI VCトレード） (@sbivc_official) July 31, 2019
本日7月31日（水）より、仮想通貨の取引所方式での仮想通貨の現物取引サービス「VCTRADE Pro」を開始しました🎉
▼詳細はこちら▼https://t.co/7QyS1xQr3E#sbivc #VCTRADEPro #取引所 #現物取引 pic.twitter.com/KzWq7B0oaX
Currently, 25 banks are using Ripple enabled Money Tap for cross border settlement. CEO of SBI, Yoshitaka Kitao, said that they wanted to use xRapid to serve international payments. Now with SBI VC, it has become a reality. Banks in Japan now have a reliable source of liquidity for XRP. Kitao also confirmed that Money Tap would be expanded to all 61banks overtime.
SBI Virtual Currency- First bank-owned exchange
Japan was the first country to accept bitcoin as a legal tender. In July 2018, Financial giant SBI holdings launched the first bank-owned cryptocurrency exchange as SBIVC. It only sported XRP at the time but later added BTC and BCH on its trading list. SBI is a long-time partner of Ripple, and it also invested in the start-up back in 2016. CEO of SBI Holdings was recently appointed to Ripple’s board of directors.
How will it affect the price of XRP?
Physical Trading (the sales board) will be live tomorrow in Japan, July 31st on SBIVC Trade per a briefing today from Mr. Kitao. A special XRP campaign (give away) is planned, for both Volume & New Account Opening Soon. More to follow in video. pic.twitter.com/mbJCJo5w5p
— CryptoEri (@sentosumosaba) July 30, 2019
Sixty-one banks soon will start using Ripple based Money Tap for international payments in Japan, and according to people in the industry, this might give a boost to the price of XRP. Earlier XRP community member @CryptoEri tweeted that a special XRP campaign is planned for both Volume and New account son indicating at the SBI VC trading. People are speculating that this might lead to the hike of XRP price. How the market reacts to it will be interesting to see in the coming days.
