Japanese SBI Holdings Earns Millions Thanks To Crypto

Japanese SBI holdings, the financial giant, revealed that its cryptocurrency ventures are making huge profits and the influential CEO Yoshitaka Kitao said that this is because of the potential of the cryptocurrencies and said that Bitcoin and other altcoins will help him the company in the future while signing the virtues of Ripple. In the Ripple XRP news, we take a closer look at this information.

According to the mid-financial year figures that were released by the Japanese SBI Holdings and a report from Nikkei, we can see that both SBI VC Trade which is the group’s cryptocurrency exchange arm and the crypto investment firm and mining division are both making money for the company.

The exchange business has posted pre-tax profits of about $30 million and the SBI holdings crypto arm posted pre-tax profits of more than 2.7 million USD despite the 17 percent decrease in the overall financial performance. SBI noted that it has begun mining at two unnamed locations recently and will also start selling mining equipment from 2020.

Kitao also stated that the SBI was keen on launching crypto fund products but will wait for the rulings from regulators who are debating the legality or otherwise of allowing funds. The CEO who wants to base his company’s banking empire with more than $1 billion investment in 2014 regional banks according to the Japan Times also had his say on the future of the number of prominent cryptocurrencies.

He claimed that the Bitcoin mining costs will increase with the token’s next mining reward halving that is expected to take place in May 2020 and again questioned the future Bitcoin Cash and the security problems with the network. Kitao praised Ripple and stated that it was the most practical and usable token around. SBI and Ripple have a deep connection and the CEO is a member of the company’s board. SBI blockchain-powered money transfer platform subsidiary MoneyTap announced that it has concluded a partnership deal with the Japanese mobile platform PayPay and will make use of the Ripple DLT Technology.

PayPay claims to have 10 million active users and 1 million merchants in Japan that accept the payments which allow customers to pay in stores using QR Codes.