SBI Holdings is preparing to launch Contract for Difference trading for major cryptocurrencies
Japanese financial giant SBI Holdings is preparing to launch the Contract for Difference (CFD) for major cryptocurrencies, including Bitcoin, Ether, and XRP.
A forex exchange in Japan will start crypto Contract for Difference trading soon
Thus, from August 31, 2020, SBI Holdings will start CFD trading through SBI’s foreign exchange-focused affiliate – SBI FX Trade. The platform is accepting new account registrations immediately.
The new trading offer move will allow SBI clients to trade crypto CFD contracts with Japanese yen and US dollars, expanding into six new trading pairs.
According to the announcement, SBI FX Trade will be the first forex exchange business in Japan to offer CFD trading for cryptocurrencies.
SBI Holdings has been actively participating in the cryptocurrency and blockchain space in recent years. The company is known as a significant partner of Ripple, which develops products on XRP. Since 2016, SBI and Ripple have partnered in a joint venture called SBI Ripple Asia, which intends to promote the use of XRP across Asian financial markets. SBI is also planning to integrate the payment system provided by Ripple on Japanese ATMs.
SBI’s upcoming cryptocurrency CFD is not new to Japan, though. Last year, local crypto company Liquid launched Bitcoin CFD trading, allowing traders to speculate on the asset’s price movements against the yen and dollar. In July 2020, Monex Securities became the first online securities company in Japan to launch a cryptocurrency CFD service.
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