SBI VC Trade Hits 2M Accounts as Yen Weakness Drives Crypto Demand

SBI VC Trade, a digital asset trading subsidiary of Japan's SBI Holdings, has reached a major milestone with over 2 million registered accounts on its platform. This achievement comes as yen weakness drives growth in demand for cryptocurrencies such as bitcoin and XRP.

The account total rose by approximately 69,000 in roughly three months from about 1.93 million around March. The tally includes the VCTRADE service platform and Bitpoint service.

Institutional demand is also increasing, with corporate inflows notable during the recent bout of yen weakness. Japanese companies are using bitcoin and XRP as alternative assets to diversify their financial strategies and some are even using them as a means of paying shareholder dividends or compensation.