[Blockchain Today Reporter Jeong Seung-won] It has been confirmed that the Japanese financial giant SBI Group has more than doubled its total cryptocurrency revenue during the fiscal year ended in March.
According to Cointelegraph reports, SBI released a report on the company’s financial results on the 28th, and announced that in the last fiscal year, pre-tax cryptocurrency revenue amounted to 18.9 billion yen ($174 million). That amount is 10 billion yen ($92 million) more than the total pre-tax profit recorded in the previous fiscal year.
SBI’s cryptocurrency field includes several companies, including SBI VC Trade, a cryptocurrency trading platform, SBI Crypto in charge of mining, and trading platforms such as TaoTao and B2C2, which were newly acquired. SBI purchased a 90% stake in B2C2 in October 2020, making it a subsidiary, and immediately acquired Taotao, a cryptocurrency exchange, in October.
In this report, SBI mentions that it continues to support XRP dividends as part of the XRP Shareholder Benefits Program.
The company also reiterated its promise to establish a Singapore-based digital asset exchange in cooperation with the Swiss-based SIX digital exchange. The company said, “We want to further expand the liquidity of digital assets and services for institutional investors by working with Six Group, which has a high level of expertise in dealing with institutional investors.”
SBI also mentioned plans to build a digital stock exchange in cooperation with Sumitomo Mitsui Financial Group. Called the Osaka Digital Exchange, the platform is expected to start trading digital securities in 2023.
SBI previously emphasized the positive impact of cryptocurrency on business, and reported that SBI’s security firm’s transaction revenue surged in 2019 thanks to the cryptocurrency investment sector.
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