SBI Holdings is preparing to launch CFD [Contract-for-difference] trading for the leading crypto assets like Bitcoin [BTC].
As announced recently, the new services will be offered via SBI’s foreign exchange-focused arm, named SBI FX Trade. The platform is now accepting new account registrations immediately, the announcement adds.
The trading service will permit SBI clients to trade cryptocurrency CFD contracts against the Japanese yen along with the USD, permitting a complete of 6 new trading pairs.
As per the announcement, SBI FX Trade will become the primary forex exchange business within Japan to provide CFD trading for crypto assets.
Another leading financial institution in Japan, SBI Holdings has been actively involved in the development of the cryptocurrency & blockchain ecosystem in recent years.
The company is understood as a key partner of leading blockchain company Ripple [XRP], which develops products on top of XRP, the 3rd-largest cryptocurrency by market capitalization. Since 2016, SBI & Ripple are working in collaboration on a venture referred to as SBI Ripple Asia, which intends to market XRP usage in Asian financial markets. SBI is additionally planning to integrate Ripple-powered settlement across Japanese ATMs.
SBI’s upcoming cryptocurrency CFDs aren’t new for Japan though. Just last year, native cryptocurrency firm Liquid launched Bitcoin CFD trading, permitting traders to take a position on the asset’s price movements against the Yen & USD. Also earlier in July this year, Monex Securities became the primary online securities firm in Japan to launch its cryptocurrency CFD product.