Japan’s SBI Holdings to launch crypto-based CFDs

0
japans sbi holdings to launch crypto based cfds

 179 total views

  • Japan-based SBI Holdings has announced the pending addition of cryptocurrency CFDs.
  • The company will add contracts for BTC, ETH, and XRP, all three of which will be paired against USD and JPY.
  • New CFDs will emerge on August 31st on SBI’s fore platform, SBI FX Trade.

Japan’s financial giant, SBI Holdings, has recently announced the soon launch of crypto-backed CFDs. With the crypto prices growing, the industry is attracting more attention than ever.

Meanwhile, new developments are making those who come for the prices to stay for convenience and efficiency, so adding derivatives contracts for crypto could attract new customers for the company.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

SBI Holdings will add CFDs for BTC, ETH, and XRP

According to the announcement, SBI will add CFDs for the three largest cryptocurrencies — Bitcoin, Ethereum, and XRP. CFDs will become available as of August 31st, or three days from now.

SBI Holdings also announced that the contracts will be offered through SBI FX Trade, which has been acting as the company’s foreign exchange-focused platform. The platform is already accepting new account registrations for anyone who is interested in trading crypto CFDs.

From what is known, the CFD contracts will be traded against the US dollar, as well as the Japanese yen. In total, the platform will offer six new trading pairs. While this is not the first crypto-based CFD offering in Japan,  it will be the first Japanese forex exchange to this type of CFD.

Other firms that offer crypto CFDs in Japan include a local crypto business, Liquid, as well as Monex Securities — a securities firm that launched its product only last month, in July 2020.

SBI continues to get involved with the crypto industry

This new development comes as only the most recent move of SBI to get involved with the crypto industry. The company has made other steps to go crypto in recent years, such as partnering with XRP’s parent firm, Ripple. The two have been working together since 2016, with their largest joint venture being SBI Ripple Asia. The project’s goal is to promote XRP in various Asian markets. However, SBI has another goal, which is the integration of XRP-powered settlements on Japan’s ATMs.