Japanese Banking Giant SBI Plans to Launch Crypto Derivatives Platform for Institutional Investors
Japan’s SBI Holdings is looking to launch a cryptocurrency derivatives platform for institutional investors.
The banking giant which recently launched its crypto exchange, VCTRADE, is trying to lure institutional investors with the launch of a cryptocurrency derivatives trading platform, according to a report by Nikkei Asian Review.
The report further noted that SBI Holdings has acquired a 12% stake in Clear Markets, a North Carolina-based developer of digital marketplaces. The investment was done through its subsidiary, SBI Crypto Investment, and is estimated to be worth around 1 billion yen ($9 billion).
In its official release dated July 31, SBI said (loosely translated):
“As a provider of electronic trading platforms, Clear Markets has obtained approval… in Japan, the United States, UK…and is planning to launch the SWAP trading service of digital asset including virtual currency in future. We believe that these efforts will greatly contribute to the development of the digital asset ecosystem by the SBI Group.”
SBI Holdings is one among the few traditional financial firms boosting the adoption of cryptocurrency in Japan and globally. In October last year, The financial giants announced its plans to create a cryptocurrency-based financial ecosystem. SBI has made a number of investments in crypto and blockchain based startups, including OwlTing, Templum, Lancium Technologies – a company providing wind power to cryptocurrency “mines”, and cryptocurrency hardware wallet provider CoolBitX, among others.
Earlier this year, SBI Investment, a wholly owned subsidiary of SBI Holdings, announced a new AI & Blockchain Fund to invest in promising venture companies in the field of artificial intelligence (AI) and blockchain. In an announcement dated July 31, SBI said that it has decided to expand the fund offer limit to 60 billion yen from 50 billion yen.
What do you think of SBI’s plan of a crypto derivatives trading platform? With their reputation, do you think SBI will succeed in luring institutional investors into the cryptocurrency ecosystem? Share your thought with others through the comment section below.