SBI Group, Tokyo’s largest financial technology and services company, is definitely of great importance to the cryptocurrency industry with its billions of dollars worth.
In particular, SBI Group’s steps towards the crypto money industry and its cooperation with Ripple show that the company is moving towards becoming one of the indispensables of the industry.
New Cryptocurrency Fund from SBI
SBI Group has now taken a step that will allow Japanese investors to buy cryptocurrencies directly through a fund. The holding’s new cryptocurrency asset fund consists of seven cryptocurrencies.
It is reported that the fund in question currently covers Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, Chainlink and Polkadot.
The cryptocurrency fund will operate directly under the SBI Alternative Fund and was officially launched on December 2.
The initial capital of the fund is 5 million yen, or 45,000 dollars. However, the company may raise funds in each interval.
According to the official statement, investors must first go through an application process, after which crypto money investment can be made. This fund is not open to all investors and only institutional or accredited investors can invest. This shows that the fund is focused on institutional investors and was established in line with this demand.
It is stated that the fund cannot be canceled for 1 year and the fund will remain active until the first month of 2023. The demand from Japan seems to accelerate the growth of the crypto money sector.