$MCADE presale is now live!

Companies record impressive crypto gains – see how much SBI made

on Apr 29, 2021
Listen to this article
  • SBI Group recorded pre-tax profits of 10.9 billion yen from crypto-based businesses in the last fiscal year.
  • The company has been actively involved in the expansion of its presence in the crypto industry.
  • SBI Group still offers support for the troubled XRP project to continue the shareholder benefits program.

The company announced that it doubled its profits from crypto-related dealings over the past year.

The company records impressive turnover in the crypto business

SBI Group says it had a pre-tax profit of 10.9 billion yen (about USD174 million) from crypto-based businesses in the last fiscal year. The turnover is an impressive one, considering that its earnings within the crypto market for the previous year was 10 billion yen (USD92 million).

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

SBI Group also holds shares in several crypto entities and owns others, including mining firm SBI Crypto and the crypto trading arm SBI VC.

It has engaged in the expansion of its presence in the crypto industry over the past few years.  The company recently acquired companies like B2C2 and TaoTao.

It also continued its support for the XRP cryptocurrency and its parent company Ripple, despite its legal battles with the Securities and Exchange Commission (SEC). It’s also surprising, considering that several exchanges have already delisted XRP from their platform.

SBI Group also wants to expand its crypto services

The group also indicated that it will e busy in the coming months as it will be expanding its cryptocurrency services. The financial giant reiterated its desire for a digital asset exchange in Singapore.

However, it will be partnering with SIX Digital Exchange in Switzerland for the launch of the exchange.

Additionally, the company is collaborating with Sumitomo Mitsui Financial Group to launch a digital stock exchange called Osaka Digital Exchange. SBI group says the launch will be possible within 2 years.

The financial giant says its support for the XRP project is to continue the company’s XRP shareholder benefits program.