Japan’s SBI Group Plans to Launch Crypto Exchange This Summer

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Business Insider Japan has reported that Japanese financial firm SBI Group plans to launch its own digital currency exchange sometime this summer. SBI Group CEO Kitao Yoshitaka reportedly expressed confidence that his company’s venture into the cryptocurrency space would bring it quick success:

"When we do it, 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. We have to pursue safety thoroughly."

The new trading platform, SBI Virtual Currencies, has already seen its launch postponed several times. Last December, the firm delayed account registrations. Then, in late February, the project was again postponed due to a need to “further strengthen security measures,” complete work on its client management system, and finalize decisions about asset management.

According to Business Insider Japan, the company has been taking a cautious approach in recent months, as the cryptocurrency business environment has undergone a shift in the wake of the Coincheck debacle. Recent reports suggest that several of the country’s domestic exchanges have announced that they’re leaving the Japanese market.

Kitao also suggested that public trust has played a big role in deciding when to launch the platform:

"The volume of transactions has halved, so in this situation, whether to open it or not, first we have to rebuild our trust."

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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