• Thu. May 30th, 2024

Cryptocurrency Fund to be launched by SBI in Japan



Sep 3, 2021

Ever since the crypto-sector has shown its true potential since the beginning of 2020, it has caught the attention of many mainstream institutions. It may be right that most of the crypto-adoption rate from the mainstream industry is from the United States. However, the mainstream industry from the United States is not the only sector that is interested to invest in cryptocurrencies.

In the United States, the pioneer of mainstream institutional investment was MicroStrategy, a business intelligence giant. The company started investing heavily in cryptocurrencies starting August of 2021.

However, a mainstream institution even larger than MicroStrategy from Japan going by the name SBI Holdings had invested in cryptocurrencies back in May of 2020. SBI Holdings had partnered with Ripple when it was the third-largest cryptocurrency in the entire world.

SBI Holdings founded its gaming subsidiary “SBI eSports”, which reportedly formed a partnership with XRP. As part of the agreement, SBI eSports announced that it was going to pay its e-gamers in XRP.

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Since then, SBI Holdings has launched several ventures into the crypto-verse in order to gain more from the industry and increase its exposure in the sector.

Just recently, SBI Holdings has made an announcement in regards to forming a fund for Japanese investors. The financial conglomerate has announced that it is currently in the process of setting up the funds for cryptocurrencies. The firm has revealed that these would be the first funds SBI Holdings would launch to bring exposure to Japanese investors for cryptocurrencies.

The report on SBI Holdings’ upcoming funds has been covered and published by Bloomberg on Thursday, September 2. In the publishing, Bloomberg has revealed that SBI Holdings is planning to launch funds for cryptocurrencies towards the end of November 2021.

Once launched, the residents of Japan will have the opportunity to invest in cryptocurrencies. The sources have confirmed that the Japanese locals will be able to invest in several major cryptocurrencies. Some of the major cryptocurrencies would be XRP, Litecoin (LTC), Bitcoin Cash (BCH), Ether (ETH), Bitcoin (BTC), and many more.

According to the senior managing executive and director at SBI, Tomoya Asakura, the funds are going to grow really big in Japan. They are aiming to hope that the funds will soon grow into several hundred million dollars in a short amount of time.

The firm has announced that once the funds are launched, the investors from Japan would be required to make a minimum deposit worth somewhere between 1 million yen and 3 million yen.

 At the time of writing, the mentioned figure required in yen for investors can be translated to a range of $9,093 to $27,279.


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