One Japanese forex giant and financial services firm named SBI will apparently start crypto CFD trading soon. We are talking about the giant SBI Holdings, which is preparing to launch contract-for-difference (CFD) trading for major cryptocurrencies such as Bitcoin (BTC).
In the latest Ripple news, we can see that XRP as well as Ethereum’s ETH token are also in plan. Starting August 31, SBI Holdings will start CFD trading service for crypto assets such as Bitcoin, Ether, and Ripple’s XRP token as some media outlets reported.
There is an official announcement too, showing that the new service will be offered through SBI’s foreign exchange focused arm which is SBI FX Trade. The platform is now accepting new account registrations immediately, as the announcement notes.
What we can also see is that the new trading offering will allow the Japanese forex giant SBI and its clients to trade crypto CFD contracts against the Japanese yen and the United States dollar, enabling a total of new six trading pairs.
The announcement also shows that SBI FX Trade will become the first forex exchange business in Japan which will offer CFD trading for cryptocurrencies. As a major financial institution in Japan, SBI Holdings has been actively involved in the cryptocurrency and blockchain space in recent years.
For those of you who haven’t seen it in the cryptonews, the company is known to be a key partner of the major blockchain company Ripple, which develops products on top of XRP (third largest cryptocurrency by market cap). Ever since 2016, SBI and Ripple have been working together on a join venture known as SBI Ripple Asia, which intends to promote XRP usage in the Asian financial markets. SBI also plans to integrate Ripple-powered settlement across Japanese ATMs.
The upcoming crypto CFDs for SBI are not new for Japan, though. Last year, we saw the local crypto firm Liquid launching Bitcoin CFD trading in the country and with that, enabling traders to speculate on the asset’s upcoming price and the movements against the yen and the dollar. In July 2020, there was Monex Securities that became the first online securities company in Japan to launch crypto CFD services, too.
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