Japanese Finance Company SBI Holdings Launches CFD Trading for Cryptocurrencies

Piyasi Mitra
Piyasi Mitra is a journalist, features writer and copy editor who has worked with The Times of India and the ABP Group, and is currently exploring content creation in the digital space.
  • SBI Holdings is launching CFD trading facility for Bitcoin, Ethereum and XRP holders.
  • Crypto traders can pair the digital assets with both USD and Yen, offering six CFD choices in total.
  • SBI Holdings has also released a mobile application named “Cryptographic assets CFD” for iPhone and Android users.

With the demand for cryptocurrency surging, financial institutions are adopting  innovative strategies to meet demands stemming from their clientele’s increasing interest in digital assets.

For instance, Japanese financial giant SBI Holdings is now all set to officially launch Contract-For-Difference or CFD trading services for a variety of cryptocurrencies like Bitcoin, Ethereum and XRP.

Beginning on August 31, the company will now offer Contact-For-Difference trading service for crypto assets in the form of Bitcoin (BTC), Ether (ETH) and XRP. The announcement says that new services will be offered through the SBI arm which deals with foreign exchange specifically: SBI FX Trade. Another good news for crypto enthusiasts is that the finance firm is accepting new account registrations with immediate effect.

SBI Holding to Offer Crypto CFD Trading Services

Thanks to the new offering, SBI customers in Japan will now be able to trade crypto CFD contracts against the Japanese yen as well as the US dollar, enabling a total of six fresh trading stocks. With this venture, SBI FX Trade becomes the first forex exchange business in Japan to offer CFD crypto trading.

A well known finance giant in Japan, SBI Holdings has been pretty active in the crypto and blockchain techology landscape in recent times. Currently, the firm is also engaged in a partnership with blockchain giant Ripple, creator of XRP, the third-largest cryptocurrency by market capitalization. Since 2016, SBI and Ripple have been collaborating on a joint venture known as SBI Ripple Asia, which intends to promote XRP use in Asian financial markets. Earlier this year, SBI Holdings also announced a plan to integrate the Ripple-powered settlements platform MoneyTap with ATMs run by different banks across Japan with a view to enhance customers’ accessibility to funds.

Earlier this year, the government of Japan enforced the new Financial Instruments and Exchange Law (FIEL), according to which all crypto derivatives trading businesses must register as a financial instrument business.

Crypto CFDs are not a novel introduction in Japan. Local crypto firm Liquid launched its Bitcoin CFD trading feature in 2019, enabling crypto users to speculate on the digital asset’s price swings against the yen and dollar. In July 2020, Monex Securities also became the first online securities company  to launch crypto CFD services in Bitcoin, Ethereum, XRP and Bitcoin Cash in the country.

SBI Holdings has also released a mobile application named “Cryptographic assets CFD” for iPhone and Android users. The intent is to help both experienced and novice traders make the most of the app’s “simple and intuitive operability” features through a smartphone-anytime, anywhere.

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