SBI, in its nature of the ever-expanding foray, when it comes to the cryptocurrency sector, has made investments in the cryptocurrency hardware wallet developer which is based in Taiwan.
The SBI holdings, the Japans’ SBI group division of financial services made this announcement. They said that they had a 40% ownership stake in CoolBittX. This is the Taiwanese cryptocurrency hardware wallet maker. However, the announcement which was given by SBI holdings does not provide us with the exact investment amount in the CoolBittX organization. This organization is a hardware maker which primarily focusses on cold wallets.
However, with SBI improving portfolio in regard to the cryptocurrency related operations and businesses, they made a revelation that they intended to utilize the CoolBittX security technology mainly for risk management within the organization. This is to take place in areas such as the customer assets maintenance to enhance the security. Therefore, the Japan-based conglomerate mentions distinctively the CoolBittX “Cool Wallet”. This is a hardware device which is primarily used in the storage of private keys to the cryptocurrencies. This works on the interfaces with Android and iOS via Bluetooth.
The SBI holdings though SBI investment which is its venture capital arm is one of the earliest mainstream conglomerate traditional finance to make investments in 2016 in the Bitcoin exchange Kraken. This organization also followed making another investment as the Lead investor in BitFlyer. BitFlyer is the largest and the most popular Japanese cryptocurrency exchange company. Additionally, in 2016, the SBI organization announced that they were planning to launch their cryptocurrency exchange organization. This would be the first bank-backed exchange platform. However, despite the registration made to the Japans financial regulator at the time, they have since postponed the opening of the cryptocurrency exchange due to security concerns. This is as it was reported.
Recent SBI Plans
Additionally, SBI has plans to invent its blockchain based digital currency which can be traded directly with the Japanese yen. This will be useful for P2P transfers and payments. SBI holdings additionally co-launched SBI Ripple Asia in conjunction with San Francisco Ripple. This is to enable blockchain adoption of the blockchain based real-time cross-border payments which will be among ASEAN countries banks.