SBI Group is a financial services firm based in Tokyo. They have announced the creation of a crypto fund, which consists of seven different digital currency. Japanese financial services company SBI Group launched a crypto fund that includes bitcoin and seven other digital currencies.
SBI Group’s New Crypto Fund Leverages 7 Different Digital Assets
SBI Holdings was a company often called SBI Group. It revealed that three months prior, SBI Holdings had announced plans to launch a crypto-asset fund. SBI stated at that time the new fund would launch in November. But the official launch press release, published on December 17, contradicted this statement. SBI released a detailed overview of the new digital currency fund in addition to their press announcement.
SBI’s crypto fund consists of bitcoin (BTC), ethereum (ETH), polkadot (DOT), chainlink (LINK), litecoin (LTC), xrp (XRP), and bitcoin cash (BCH). The financial services company is calling it “Japan’s first cryptocurrency fund for general investors.” Japanese investors need to “fully understand the nature of crypto assets and risks related to investment in crypto assets,” the press release explains.
The application period to invest in SBI’s new crypto fund is between December 17, and January 31, 2022. SBI Alternative Fund GK will manage this fund. A press release states that future rebalancing may occur at maturity. However, for the time being each cryptocurrency in the fund is approximately 20% in its ratio. SBI Group’s new crypto fund contract is between February 1, 2022, and January 31, 2023.
SBI Alternative Fund ‘Aims to Reduce Investment Risk by Time Diversification’
SBI is a long-standing participant in crypto and has developed many products. Ripple has been a partner of the company. In addition to acquiring B2c2 in the UK, SBI also partnered with Boerse Stuttgart for crypto services throughout Europe and Asia in 2019. In contrast to the early days of crypto, Japan’s crypto regulations have become stricter, slowing SBI’s crypto fund launch down a great deal.
“‘Initial buying’ and ‘selling toward maturity’ will take 3 months each,” SBI’s press release explains. “Aiming to reduce investment risk by time diversification. Automatic rebalancing of investment ratio allocation once a month,” the financial institution’s announcement adds.
SBI’s new crypto fund has its own web portal and the fund was reportedly established on December 2, 2021. Interestingly, the SBI press release published on Friday mentions the possibility of SBI Group dealing with “Bitcoin futures ETFs,” while further mentioning the “widespread use of NFTs (non-fungible tokens) using blockchain technology.”
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