Japanese financial giant SBI Group announced that it will launch its first cryptocurrency fund in Japan before the end of November this year to offer Japanese investors a more diverse portfolio.
According to a Bloomberg report on Thursday, the fund will sell cryptocurrencies like Bitcoin, Ethereum, Ripple, Bitcoin cash, and Litecoin.
SBI Director and Senior Management Executive Tomoya Asakura said the fund could grow to hundreds of millions of dollars in the future and said investors could put in approximately 1 million to 3 million yen, roughly $ 9,093-27,279.
The chairman of Morningstar Japan KK-SBI subsidiary announced in an interview that the group will decide the development process of the second cryptocurrency fund based on the promotion of the first cryptocurrency. If things go well, SBI Group will act quickly to create a second cryptocurrency fund. He said that:
“I want people to stick it with other assets and see firsthand how useful it can be for diversifying portfolios.”
Due to strict regulations against hackers and national guidelines, it took the SBI group 4 years to set up this cryptocurrency fund. And change the original investment method that sells cryptocurrency through investment trusts, a popular investment method currently banned by the regulator’s financial services bureau.
So the SBI group decided to use a method called “anonymous partnership”.
Asakura stated that he will work hard to add cryptocurrencies to the Japanese public, and Financial Services Agency (FSA), the regulatorto get a more flexible, balanced investment portfolio as opposed to traditional investment portfolios, thereby changing the popular belief that “cryptocurrencies are very volatile and speculative”.
Asakura added that;
“As soon as people feel it firsthand, they will understand that we are not recommending cryptocurrencies as a speculative tool.”
Japan is currently one of the largest cryptocurrency transaction markets in the world. Recently, The US cryptocurrency exchange Coinbase has teamed up with Japan’s largest bank Mitsubishi UFJ Financial Group (MUFG) to expand cryptocurrency trading in Japan, Blockchain.News reported on August 19.
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