Japan’s first bank-backed crypto exchange is currently working overtime to be able to deal with all users who are signing up at a fast rate. The platform features Ripple, Bitcoin and Bitcoin Cash.
VCTRADE is overwhelmed by user demand
SBI Holding’s VCTRADE was opened for the public back on July 18 and even if they were well prepared for a huge demand, the exchange claims that it’s getting more applications than expected and they’re struggling to deal with all of them.
New users will probably have to wait before they can be cleared to start trading on the platform.
A while ago SBI Holdings stated that it was expecting to onboard customers from its massive user base of over 23 million people, but they were still not able to see such a massive level of demand coming their way.
“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. SBI Holdings said a while ago.
The platform was expected to burst onto the cryptosphere
Back in April, the president of SBI Holdings Yoshitaka Kitao said he expects the platform to burst onto the cryptocurrency scene.
According to Business Insider Japan, Kitao said once the platform fully launches “it will be number one in the blink of an eye so quickly, so even if a tremendous number of customers come, we can build a system that can bear [it].“
SBI Holdings has invested in Ripple for the very first time back in 2016. The company provides a really extended list of services to its customers that include brokerage and investment banking along with foreign exchange services, peer-to-peer lending, insurance and many more.