The Japanese financial giant, SBI Holdingsprepares for takeoff Contract for difference or CFDthat will work with the major cryptocurrencies.
As of August 31 SBI Holdings will launch the CFD trading service for crypto assets such as Bitcoin (BTC), Ether (ETH) and XRPas reported by Cointelegraph Japan on August 28th.
As officially announced, The new service is offered through the SBI branch SBI FX Trade, which focuses on exchanging cryptocurrencies. According to the announcement, the platform immediately allows new account registrations.
The new offering allows SBI customers to trade Crypto CFD contracts against the Japanese yen and the US dollarThis enables a total of six new pairs of operations.
According to the announcement, SBI FX Trade will be the first crypto exchange business in Japan to offer CFD trading for cryptocurrencies.
SBI Holdings, one of the leading Japanese financial institutions, has been active in the crypto and blockchain sector in recent years.
The company is known as a key partner of the large blockchain company Ripple, which develops products on XRP, the third largest cryptoasset by market capitalization. Since 2016 SBI and Ripple worked together on a joint venture called SBI Ripple Asiawhich aims to promote the use of XRP in the Asian financial markets. SBI also plans to integrate Ripple Settlement with Japanese ATMs.
However, SBI’s upcoming crypto CFDs are not new to Japan. Last year the local crypto firm, Liquid, started Bitcoin CFD tradingThis allows traders to speculate on asset price movements against the yen and dollar. In July 2020 Monex Securities was the first online securities company in Japan to introduce crypto CFD services.