SBI Holding’s new Japanese virtual currency exchange (SBIVC) achieved multi-million dollar profits – 360 million Japanese yen ($3.2 million) – in the first year of its launch, according to the exchange’s latest financial report.
What’s even more impressive is that it achieved these profits from April 2018 to March 31, 2019, in which the majority of these months experienced downward price action and decreased investor interest. This is a significant achievement for the Tokyo-based financial services giant SBI Holdings.
What’s Next for SBI?
If SBI can be that successful during their first year weathering a cryptocurrency bear market, imagine how successful they’ll be this year, now that they’re already established and the crypto markets appear to be turning around.
Also, SBI made some serious announcements in their financial report, revealing that they may be launching a security token offering (STO) later this year. According to the announcement, the firm is awaiting the revision of the Financial Instruments and Exchange Act, which is scheduled for June 2019.
Moreover, as previously reported by IIB, SBI has established a cryptocurrency mining arm – SBI Mining Chip Co. – to manufacture mining chips for virtual currency. In the firm’s latest financial report, they claim that they are expanding this venture and expect to see an increase of the mining hash rate.
In addition to SBI’s ongoing developments mentioned above, the firm is strengthening its relationship with Ripple, the company behind XRP. The most recent development between these firms has been the addition of SBI CEO, Yoshitaka Kitao to Ripple’s Board of Directors.
SBI Holdings is quickly establishing itself as a leading player in the cryptocurrency industry. Their cryptocurrency exchange is licensed and regulated by Japan’s Financial Services Agency (FSA), they have a key partnership with Ripple as well as excellent banks, and they will be tapping into the highly anticipated new market of STOs.
Therefore, SBI is poised to do very well in 2019 and may even emerge as an industry leader.
Which cryptocurrency company do you think is the most successful? Is SBI Holdings positioned to be the best performing crypto company of 2019? Let us know what you think in the comment section below.