No one can deny SBI Group has been a valuable addition to the cryptocurrency ecosystem. As the Japanese giant is working on different aspects, the future is looking pretty bright. Establishing a new era of digital finance will not be easy though SBI Holdings plans to start an additional eight cryptocurrency ventures. Given the company’s affinity for Ripple, this is pretty big news.
It is quite interesting taking note of the company’s plans. Operating exchange platforms, mining, and ICO platforms are just a few of the options being discussed. There is also room for financing and hedge fund management. All of these new businesses will have close ties to cryptocurrency, which makes them even more appealing. The company clearly wants to become a dominant player in the Japanese cryptocurrency ecosystem.
Ambitious Plans for SBI Holdings
SBI Holdings already has a solid reputation in Japan. Their exchange is one of a dozen licensed platforms in the country right now. Moreover, they are contemplating a potential expansion to Hong Kong in the near future. Given the company’s focus on Ripple as well, everything seems to fall into place as we speak. Going into the mining business comes as somewhat of a surprise, though, but it also makes a lot of sense.
More specifically, Bitcoin has a centralized mining problem. The vast majority of hashpower originates from China. The Chinese pools also control too much hashpower in general. It is due time new players emerge to balance this load a bit better. SBI Group plans to be that driving force. It is unclear how popular Bitcoin mining is in Japan right now, though. Few people associate this region with a lot of cryptocurrency mining activity right now.
None of these ventures will interfere with their remittance business. SBI Remit, which utilizes Ripple and XRP, will continue to be expanded upon moving forward. It is evident there is a growing demand for competitive services across all of Asia. One thing SBI Holdings do need to be careful with is their ICO platform plans. All over the world, governments scrutinize initial coin offerings. No real surprise, as there are too many unknown factors associated with this method of raising money.
Header image courtesy of Shutterstock