SBI Group is a financial service company based in Tokyo, has announced its new cryptocurrency business plans on Thursday.
In its recent financial report, SBI described plans for “the establishment of a new financial ecosystem based on cryptocurrency.”
This is forward step moved to compile the “comprehensive knowledge of blockchain technologies.”
Therefore, its new financial ecosystem consists of eight cryptocurrency businesses:
- Exchange platforms
- Hedge fund management
- ICO and exchange platform rating information services
- A derivative market
- Remittance services and
- Transaction/payments services
SBI Group wrote, firms concerning to above businesses “will be advance simultaneously to pursue synergy and mutual evolution.”
The Group prepared to set up “a dominant cryptocurrency exchange platform, amid other platforms. Hence based on the ‘customer-centric principle’.”
The company wrote indicating to establish a cryptocurrency exchange platform in Hong Kong:
“Currently waiting for the appropriate timing to start the [exchange] service, where the key decision factors are the progress of SBI Crypto’s mining, along with the division situation of [the upcoming] hard fork.”
Since, SBI Group is venturing into key business, Mining. Noting that 51% of the miners regulating the majority of the network’s mining power, the group declares that it will “acquire cryptocurrency share through mining, in order to stabilize the market.”
Addition to that, SBI Group is set to contribute to “market stabilization by offering new trading opportunities for crypto institutional investors”.Therefore, by setting a crypto derivatives market and manage crypto hedge funds.
The company wrote:
“In order to stabilize the volatility in virtual currencies. Since the participation of institutional investors who make long-term investments are expects.”
In addition to this, the group also plans to manage portal website consisting crypto-relates and ICO rating information.