SBI VC Trade cuts XRP/JPY leverage trading spread by 78%

Japanese cryptocurrency exchange SBI VC Trade has announced a temporary reduction in the spread for XRP/JPY leverage trading to 0.5 yen, The Crypto Basic reported. The spread, which is the difference between the buying (ask) and selling (bid) price of an asset, functions similarly to a transaction fee, with narrower spreads reducing costs for investors. The new 0.5 yen spread is approximately 78% lower than the average of 2.3633 yen for the XRP/JPY pair in May. SBI stated that it aims to increase investor participation in XRP leverage trading by reducing transaction costs. However, the exchange cautioned that the spread might temporarily widen during periods of sharp market volatility. The promotion will run from June 22 to July 3.