Japan's SBI Holdings Is Gearing Up to Mine Bitcoin

The financial services division of Japan’s SBI Group has revealed plans to move deeper into the world of cryptocurrencies and blockchain.

AccessTimeIconOct 27, 2017 at 9:15 a.m. UTC
Updated Sep 13, 2021 at 7:05 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

SBI Holdings, the financial services division of Japan’s SBI Group, has revealed plans to move deeper into the world of cryptocurrencies and blockchain.

In its latest financial report, SBI expressed plans for "the establishment of a new financial ecosystem based on cryptocurrency," a move that includes carrying out joint research to gather "systematic knowledge" of blockchain technologies.

Aiming to "solve problems" within the crypto markets, the financial firm is looking to acquire cryptocurrencies directly, including through mining, as well as establishing ways of using cryptocurrencies, and providing investment opportunities. SBI will also "utilize cryptocurrency for remittance, trade finance and payments." 

The company states:

"The SBI Group will endeavor to acquire cryptocurrencies, for the further development of products and services, and to secure market liquidity. This includes the mining of [bitcoin and bitcoin cash], and investments into U.S. Ripple (Ratio of 10.5%)."

In what appears to be a strong push into the cryptocurrency industry, the company restated its aim to establish a "dominant large-scale cryptocurrency exchange platform."

SBI has been expressing growing interest in blockchain and cryptocurrencies since 2016, first investing in Japanese exchange bitFlyer, and later moving onto its own tests with the technology.

In September of this year, a joint venture between SBI and blockchain payments startup Ripple announced it will soon begin testing a money transfer system using distributed ledger technology between Japanese and South Korean banks.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in bitFlyer.

Tokyo image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.