SBI Financial Giant With Stakes In Ripple Considers STO

Prominent Ripple backer, SBI Holdings, has revealed that its crypto exchange SBI Virtual Currencies has made a profit of $3.2 million in its first year of operation.

The financial report released by SBI also offers additional pieces of information. Japanese financial authority, the Financial Services Authority (FSA), has proposed amendments to the Funds Settlement Act and Financial Instruments and Exchange Act, and SBI is taking steps accordingly.

The report states that it awaiting for the emendation of the acts before it might possibly launch its own Security Token Offering (STO) later this year. It also says that SBI is planning to expand its crypto mining arm SBI Mining Chip.

The SBIVC exchange supports Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), having announced its intention to delist Bitcoin Cash (BCH) in June 2019.

Recently, Ripple announced that it had added SBI CEO, Yoshitaka Kitao, who has spoken highly optimistic words about Ripple repeatedly, to its board of directors.

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