Japan's SBI Holdings Is Gearing Up to Mine Bitcoin

NEWS
Sujha Sundararajan
Oct 27, 2017 at 09:15 UTC  |  Updated  Oct 27, 2017 at 11:57 UTC

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.

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