SBI, a Japanese business conglomerate, is investing $30,000,000 in cryptocurrency company B2C2 shortly after it announced a decision to create the first-ever Japanese crypto fund where 50% of the idea is going to be focused on its preferred digital currency, the XRP token.
According to B2C2, SBI is using the fund to acquire a minority stake in the cryptocurrency company, and the investment denotes the beginning of a strategic collaboration between a major firm in the crypto circle and an old but outstanding crypto trading company.
As SBI moves to increase its crypto offering to millions of customers, from now on, B2C2 has been granted the power to be the conglomerate’s major liquidity provider. To achieve this, B2C2 is creating an e-prime brokerage developed on its single dealer platform. The move will increase B2C2’s reach and add millions of customers to its network.
SBI is looking forward to lots of collaborations from B2C2, considering its number of customers across the globe. The firm, according to CEO of SBI Holdings Yoshitaka Kitao, offers enormous products to firms and has good price competitiveness coupled with abundant liquidity.
Both B2C2 and SBI are well known globally. B2C2 has offices in London, Tokyo, and Jersey City and respected by big exchanges, brokerages, banks, and reputable fund managers as a global provider of instant liquidity.
SBI Holdings has been retelling the narratives in the financial industry by pioneering several businesses centered on cryptocurrency and blockchain technology.
In the financial industry, for example, SBI Holdings has a strong foothold and continues to build technological infrastructure in the space. In January 2020, SBI, Visa, and some other big firms invested $80 million in Currencycloud, a reputable firm offering embedded B2B cross-border payments for financial platforms of the future.
SBI Group, Seven Bank, and Credit Saison were parts of the investors that completed Gojo & Company’s $22 million Series D funding. Also, SBI Group invested a seven-figure sum in Securitize, a platform providing services for issuing digital securities.
SBI Group is growing larger. The firm has a market cap of $4.4 billion according to Forbes. The Japanese group is a longtime supporter of crypto, especially XRP.
SBI Group has hinted that it is creating the first of its kind cryptocurrency-fund with a central focus on XRP token.
According to SBI Holdings, Japan’s first digital currency fund will launch this summer and made up of 30 percent Bitcoin, 20 percent Ethereum, and 50 percent XRP.
The declaration by SBI Holdings comes at a time XRP’s dominance in Japan is diminishing, hopefully, this idea will further increase the acceptance of the digital currency in the country.
The CEO and Director of SBI is also a member of the Ripple board and has been a pillar of support for Ripple in Asia and beyond. The company was also a partaker in Ripple’s $200 million Series C funding. SBI Group gives its investors XRP and its exchange, SBI VC Trade, is granting early account openers some XRP tokens.
SBI co-launched SBI Ripple Asia, a group of financial institutions working on increasing the adoption of XRP and RippleNet. SBI Ripple Asia was behind the launch of almost-free instant payment solution MoneyTap, a RippleNet-based payment app that is widely adopted today across Japan.