Japanese financial giant SBI Holdings is preparing to launch a contract for difference (CFD) for the major cryptocurrencies.
From August 31, SBI Holdings will launch a CFD trading service for crypto assets including Bitcoin (BTC), Ether (ETH) and XRP, according to Cointelegraph Japan on August 28.
As officially announced, the new service will be offered through SBI FX Trade, SBI’s forex-focused arm. The announcement stated that the platform would accept new account registrations immediately.
The new trading offer enables SBI clients to trade cryptocurrency CFDs against the Japanese yen and the US dollar, making a total of six new trading pairs possible.
According to the announcement, SBI FX Trade will be the first forex company in Japan to offer cryptocurrency CFD trading.
SBI Holdings, a major financial institution in Japan, has been active in the crypto space and blockchain in recent years.
The company is known as an important partner to the large blockchain company Ripple, which develops products based on XRP, the third-largest cryptocurrency by market value. Since 2016, SBI and Ripple have been working together on a joint venture called SBI Ripple Asia, which aims to promote the use of XRP in the Asian financial markets. The SBI also plans to integrate Ripple-based invoicing into Japanese ATMs.
However, the upcoming SBI cryptocurrency CFDs is not new to Japan. Last year, local crypto firm Liquid launched Bitcoin CFD trading, which allows traders to speculate on the price movements of an asset against the yen and the dollar. In July 2020, Monex Securities became the first online securities company in Japan to offer CFD services for cryptocurrencies.