Investing.com - The first cryptocurrency exchange backed by a major financial services firm is up and running in Japan. VCTRADE is the product of SBI Holdings, which has been looking to enter the cryptocurrency business since 2016. The launch was delayed for several months because of security concerns, following the massive hacker attack on the Japanese crypto exchange Coincheck earlier this year.For now, trading on VCTRADE is only available to the 20,000 people who pre-registered last year. Trading will be opened to other investors sometime in July.Trading is also limited to XRP, the Ripple digital coin. Trading in bitcoin and bitcoin cash will be added at a later date.Some three dozen cryptocurrency exchanges are already operating in Japan, which made bitcoin legal tender in 2017. Authorities have received more than 100 applications for new exchanges.