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SBI Holdings has launched its cryptocurrency exchange

The first crypto exchange backed by major financial services company is up and running in Japan.

VCTRADE is the exchange of SBI Holdings, which has been looking to enter the cryptocurrency business since 2016.

The exchange launch was delayed for several months because of security concerns, following the hacker attack on the Japanese crypto exchange Coincheck in January this year.

For now, trading on VCTRADE is only available to the 20,000 people who pre-registered last year. Trading will be opened to other investors sometime in July.

Ripple (XRP) will be the only coin available for trade at launch with Bitcoin and BCH expected to be added.

VCTRADE will have no transaction fees for XRP and Japanese yen trading at launch but will charge customers for withdrawals in yen.