On June 4, 2018, The Japanese financial services SBI Group announced the launch of its in-house cryptocurrency exchange after months of anticipation and delays.
The announcement named SBI Virtual Currencies Co. Ltd, a wholly-owned subsidiary of SBI Holdings as the corporate entity behind the new service called ‘VCTRADE.’ Further information later published also revealed that for the time being, the cryptocurrency trading activity available to users is currency pairs trading with Japanese Yen and Ripple (JPY/XRP).
Why the Crypto Market Has Appreciated More Than 1,200% This Year
The value of the cryptocurrency market has surged this year, rising more than 1,200%. The total market capitalization (market cap) of these digital assets rose to $230.9 billion today, according to CoinMarketCap. At this level, the total value of cryptocurrencies has surged as much as 1,204% this year, after starting out 2017 at $17.7 billion, additional CoinMarketCap figures show.
As for what drove this sharp increase, analysts pointed to several factors; such as, growing visibility of the digital currency market. Read more here….