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.

Oct 27, 2017 at 9:15 a.m. UTC
Updated Sep 13, 2021 at 7:05 a.m. 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.

Tokyo image via Shutterstock

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
US Appeals Court Orders SEC to Bring Enforcement Actions to Jury Trials

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

2
First Mover Asia: Pine Wants to Test the Liquidity of the NFT Market; Cryptos Are Well-Red

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.

3
CFTC Chair Indicates Agency Will Increase Crypto Enforcement: Report

Rostin Behnam said the agency was facing a rapidly increasing number of cases and would add resources to address crypto fraud.

Rostin Behnam said the agency was facing a rapidly increasing number of cases and would add resources to address crypto fraud.

4
LimeWire Signs Deal With Universal Music for Music NFT Licensing, Blockchain Gaming in Focus

The most valuable crypto stories for Wednesday, May 18, 2022.

The most valuable crypto stories for Wednesday, May 18, 2022.