SBI Holdings Announces Plans To Launch Crypto Fund By The End Of November

According to a Bloomberg report, Japanese financial conglomerate SBI Holdings Inc. announced plans to launch a crypto fund in the country by the end of November. According to the president of SBI Morningstar Japan K.K., Tomoya ASAKURA, the fund will invest in Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin and possibly other cryptocurrencies. Asakura also added that the fund could grow to hundreds of millions of dollars.

The minimum investment amount will be approximately $9,000 to $27,000. The crypto fund will target investors who are aware of the risks of cryptocurrency trading, including volatility. If the first crypto fund succeeds, the company hopes to create a second one, Asakura said.

SBI operates two domestic exchanges, SBI VC Trade and the TaoTao platform, as well as SBI Crypto's mining division and UK-based B2C2 liquidity provider. In its Q2 report for its crypto platforms this year, the company reported pre-tax profit of $41.7 mln, up 56% from Q2 2020.

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