SBI Holdings have planned an array of fresh new initiatives for the second half of the current fiscal one of which focuses of creation of “a new financial ecosystem based on cryptocurrency, through the simultaneous entry into various promising future cryptocurrency-related businesses.”
The main motive behind this initiative is setting up an ecosystem which shall address all the existing crypto issues plaguing the market for digital dealings. SBI Holdings have set forth a large number of initiatives which includes its entry into crypto mining and setting up of a “dominant cryptocurrency exchange platform.”
The announcement made by SBI Holdings clearly stated that, “The SBI Group will endeavour to acquire cryptocurrencies, for the further development of products and services, and to secure market liquidity. This includes the mining of BTC/BCH, and investments into U.S. Ripple (Ratio of10.5%).”
SBI made the announcement of setting up SBI Virtual Currencies Co., Ltd., last October which shall provide a platform for digital currencies to avail exchange services. The company has entered into a deal with Wirex this month for establishing a fresh new joint venture with main focus on Asia.
Read: SBI Holdings and Wirex collaborates to work on Japanese cryptocurrency payments card solution
Apart from entering mining business and setting up the cryptocurrency exchange platform, SBI Holdings shall also try and establish various cryptocurrency utilization means such as trade finance, remittance, and settlement/payment. The company is also on the lookout of providing avid investment opportunities to institutional investors. Keeping in view such goals, the company has thrown special highlight on its plans of managing cryptocurrency hedge funds and creating cryptocurrency derivative market.
SBI Holdings is considered to be one of the Top Five Most Active Blockchain Investors, along with Google, Goldman Sachs, Overstock and Citi group.
Also Read: Most Active Blockchain Investors, Google And GoldmanSachs, Now Turning Towards Bitcoin
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