Financial institutions offering cryptocurrency services have experienced an excellent year, with most of them recorded massive profits. SBI Group joins this category after announcing profits from its cryptocurrency business.
SBI doubles its crypto business profit
Japanese financial giant SBI Group generated nearly 100% in profit from its cryptocurrency businesses over the past year. The company revealed this in its fiscal year financial reports earlier today.
According to the earnings report, SBI’s pre-tax crypto-powered profits in the last fiscal year was 18.9 billion yen ($174 million). This is an impressive turnover from its previous fiscal year earnings from the cryptocurrency market, which was 10 billion yen ($92 million).
In fact, the company is known for owning several crypto entities and holding shares in others. SBI Group owns the crypto trading platform SBI VC Trade and mining arm SBI Crypto. It also owns newly acquired companies like TaoTao and B2C2.
SBI has been expanding its presence in the cryptocurrency space over the past few years. In October, the financial giant acquired TaoTao and followed that by buying a 90% stake in B2C2 in December.
In addition, SBI notes its continued support for Ripple and the XRP cryptocurrency. The blockchain firm is in a legal battle with the United States Securities and Exchange Commission, resulting in several exchanges delisting XRP from their platforms.
However, SBI continues to support XRP as Ripple’s regulatory trouble is in the US and doesn’t affect them in any way.
SBI to expand its cryptocurrency services
The financial giant revealed that it intends to expand its cryptocurrency services in the coming months. SBI said it is keen on establishing a Singapore-based digital asset exchange. Hence, it has partnered with Switzerland-based SIX Digital Exchange to launch the crypto exchange.
“We aim to further expand the liquidity of digital assets and services for institutional investors through collaboration with the SIX Group, which has a high level of expertise in dealing with institutional investors,” SBI added
Furthermore, the firm will be launching a digital stock exchange in collaboration with Sumitomo Mitsui Financial Group. The digital stock exchange will be called Osaka Digital Exchange and is scheduled to start trading digital securities in two years.