Major Japanese bank SBI Group is planning to launch a Cryptocurrency exchange summer of 2018, according to Business Insider Japan.
In an announcement made on April 26th, Yoshitaka Kitao, President of SBI confirmed bank will be launching a bank-backed cryptocurrency exchange.
Kitao said the bank will support Bitcoin, Ripple, Ethereum and other cryptocurrencies. He claims their bank will be the number one cryptocurrency in the already competitive Japanese marketplace.
‘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 will have a system that can bear [the influx of users]. We [also] have to pursue safety [norms and standards] thoroughly.’ said Kitao, according to a translation by CCN.
SBI Group has been planning to launch the exchange since October of 2016 when they announced the founding of SBI Virtual Currencies Co. They plan to invest over $2.85 USD in the new venture.
Despite bullish plans from the bank, the launch has seen a number of delays. The biggest issue has been regarding the safety of the assets stored on the exchange.
The bank has also recently announced a 40% ownership in CoolBitX, a developer of cold wallets for storing the private keys associated with different digital assets.
Regardless of a wavering market sentiment these days, we see this as a major bullish signal. Mass adoption of crypto assets is on the horizon.
Header image courtesy of Business Insider Japan