Hassan Maishera
SBI Holdings wants to launch a crypto fund
Japanese financial giant SBI Holdings is in the process of launching a cryptocurrency fund. In a report by Bloomberg a few hours ago, Tomoya Asakura, president of SBI affiliate Morningstar Japan K.K., revealed that the financial institution is close to launching its cryptocurrency fund.
The Bloomberg report cited Asakura as saying, “The fund could grow to several hundred million dollars invested in coins including Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin and possibly others. Investors may need to put in a minimum of roughly 1 million yen ($9,100) to 3 million yen, and it will mainly be aimed at people who understand risks associated with cryptocurrencies, such as the big price swings.”
Asakura added that he wants people to hold the cryptocurrency assets alongside other asset classes to experience firsthand how useful it is for them to diversify their portfolios. He added that if the first crypto fund is successful, the financial institution will move fast to launch a second one.
SBI has been heavily involved in the cryptocurrency space over the past few years. The financial institution has invested in a wide range of cryptocurrency companies, including Coinbase. The firm is also Ripple’s major partner, helping the blockchain payment firm expand its presence in Asia despite its ongoing legal battle in the United States.
Cryptocurrencies have experienced a massive increase in price and adoption over the past 18 months, partially thanks to the Coronavirus pandemic. More people are seeking exposure to Bitcoin and other cryptocurrencies, and that has forced some banks and financial institutions to start offering cryptocurrency services to their clients. Financial institutions are now allowing their clients to gain direct and indirect exposure to Bitcoin and other cryptocurrencies.
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SBI Holdings to launch a crypto fund soon
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Japanese financial giant SBI Holdings is currently planning to launch a cryptocurrency fund that comprises Bitcoin, Ethereum, Litecoin and XRP.
