SBI to launch a digital currency exchange

FinTech | November 1, 2016 By:

SBI has announced that it is entering digital currency business with their rising popularity among investors.

An announcement reveals the new company to be aptly titled SBI Virtual Currencies Co., Ltd. The new company will provide exchange services for as-yet-undisclosed digital currencies. The venture is being funded with 300m yen (roughly $2.8m USD at press time) in new capital, according to the firm.

Details about the exchange are currently scarce and more updates are expected to come next month. SBI Holdings has already shown notable interest in the virtual currency space, having led a record round of funding for investments in bitFlyer, a leading Japanese bitcoin exchange. Through its investment arm, SBI helped raise a total of $27 million in new capital for the bitcoin exchange, earlier this year.

SBI is a Japan-based financial services group.