In a recent development in the cryptocurrency industry, DMM Bitcoin, a major cryptocurrency exchange in Japan, has officially announced that it will be transferring its trading accounts to another major player in the field, SBI VC Trade. This move is part of a business agreement between the two firms and is expected to be completed by the end of March 2021. The transfer process will commence from March 15, 2021, and by March 30, 2021, all trading accounts will be transferred.
The business agreement was reached following the decision of DMM Bitcoin's parent company, DMM.com, to exit the cryptocurrency industry. As part of the agreement, SBI VC Trade will be taking over the customer base of DMM Bitcoin. The decision to exit the cryptocurrency industry by DMM.com was disclosed in December 2020, and the firm decided to focus on its core areas of e-commerce, online games, and live streaming.
SBI VC Trade is a subsidiary of SBI Holdings, a leading financial services company group in Japan. The firm has been showing significant interest in the cryptocurrency industry and has been making various strategic moves to enhance its position in the field. The integration of DMM Bitcoin's customer base into its operations is seen as a significant step towards enhancing its presence in the cryptocurrency industry.
It is important to note that existing DMM Bitcoin customers will not face any interruption in their services during the transfer process. The transition process has been designed to be smooth and hassle-free for the customers. However, it is mandatory for customers to agree to the transfer to SBI VC Trade as per the terms and conditions set by DMM Bitcoin and SBI VC Trade.
The shift in the cryptocurrency industry towards consolidation is seen as a positive sign by many experts. It is expected to lead to a more organized and regulated industry, which can ensure better security and transparency for customers. This move by DMM Bitcoin and SBI VC Trade is seen as a part of this larger trend and is expected to contribute positively to the evolution of the cryptocurrency industry.