SBI Virtual Currencies, a new Japanese crypto exchange recently reported that it has reaped profits worth 360 million Japanese yen ($3.2 million) for the year April 2018 to March 31, 2019.
In anothe series of major announcements, it was further revealed that SBI is considering the launch of a STO in the later part of year. It further added that firm was only waiting for the final revision of the Financial Instruments and Exchange Act. The act is scheduled to be applicable from June 2019.
In addition, SBI has mentioned that it will continue to foster relationships with its major crypto partner Ripple. Furthermore, Yoshitaka Kitao, CEO and representative director SBI, was recently appointed as an executive of Ripple Labs.
SBI further plans to expand its crypto mining arm SBI Mining Chip (SBIMC), expecting to reap profits with mining hash rate.
SBI Virtual Currencies was registered as a business in late 2017, as per data from according to data from SBI’s new financial report. SBI Virtual Currencies initially supported major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP and Bitcoin Cash (BCH).
In another news reported by CoinMarketFeed, Swissquote, an online banking and trading group recently announced its decision to launch a crypto custody. Institutional customers and retailers will be able transfer cryptos from wallets( external) in a Swissquote account. For the same, the firm has partnered with Zug-based Crypto Storage AG, a subsidiary of Crypto Finance AG, for the custody service.
As per the official site of crypto storage AG, it is a proprietary solution provider for safeguarding private keys with its “highest grade hardware security modules”. Swissquote presently offers crypto trading services. It launched Bitcoin trading in partnership with Bitstamp. Further, it added support for Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).
Also, GSX Group’s subsidiary Hashtacs Inc. and STO Global-X will jointly launch an integrated Tokenized Securities Exchange product that will purportedly allow stock exchanges and other qualified financial institutions to tokenize assets and boost trading, clearing and settling of digital securities. The collaboration will help stock exchanges and other financial institutions tokenize assets and boost trading. In addition, to clearing and settling of digital securities.
Last December, the GBX, another subsidiary of the GSX announced offering insurance on all of the assets listed on its platform through the partnership with local firm Callaghan Insurance Brokers. The police stated that all assets in the custody of the GBX are fully insured, including both hot and cold wallets, and it also covers all forms of professional indemnity.