Japan's SBI Holdings sets up crypto mining firm

25 Mar, 2019 | Updated: 25 Mar, 2019
by David Robb
Japan's SBI Holdings sets up crypto mining firm

Japanese company SBI Holdings has announced that it will be making more moves into the crypto mining industry. The Tokyo-based financial giant has just established a subsidiary, SBI Mining Chip Co., Ltd.

SBI has already made moves in the crypto space. The firm previously got on board with Ripple's xRapid blockchain remittances system, and is encouraging its partners to adopt XRP, as well as a bank transfer app powered by Ripple's token.

Read more: SBI CEO keen to have every bank in Japan using XRP

This latest venture could be huge for crypto mining in Japan. Having already invested in crypto mining operations, SBI will now be directly manufacturing equipment that can be used for the process.

According to a press release, SBI Mining "will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market". The company will be led by former NASA employee and Silicon Valley veteran Adam Traidman, "an expert with a high level of expertise in the field of leading-edge semiconductors and other electronics".

Read more: What could make Bitcoin go mainstream again?

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