Tokyo's SBI Group is making a substantial push into cryptocurrency and blockchain this week through multiple business moves. The holding company, which controls most of SBI's subsidiary operations, pa
Tokyo's SBI Group is making a substantial push into cryptocurrency and blockchain this week through multiple business moves. The holding company, which controls most of SBI's subsidiary operations, partnered with Wirex, a London cryptocurrency debit card firm, to create SBI Wirex Asia. SBI previously put $3 million into Wirex's Japan subsidiary through its Fintech Fund. The joint venture will produce a Japanese cryptocurrency payment card and pursue additional ventures in cryptocurrency, blockchain, and payment systems.
Wirex operates across 130 countries and has 900,000 customers who spend cryptocurrency through Visa. The partnership will strengthen Wirex's position in Japan and Asia with products and services built for these markets. "Japanese customers are our most enthusiastic supporters and use our Visa cryptocurrency debit card more regularly than anywhere else in the world. They deserve a Yen-denominated card soon and we will deliver it to them," said Pavel Matveev, Wirex's founder and CEO.
Beyond Wirex, SBI has outlined plans for "a new financial ecosystem based on cryptocurrency" in its latest financial report. The strategy spans cryptocurrency mining, a sector concentrated in China, mechanisms for using cryptocurrency, institutional investment channels, and a major cryptocurrency exchange.
SBI Virtual Currencies, the group's exchange platform, received its Virtual Currency Exchange license from Japan's Financial Services Agency in September. The platform will handle BTC, XRP, JPY, and USD trades.
SBI Crypto, a mining-focused subsidiary launched in August, is preparing to mine Bitcoin Cash overseas. SBI Group stated it will "acquire cryptocurrency share through mining in order to stabilize the market."
Two additional international plays round out SBI's cryptocurrency agenda. A South Korean fintech company called DAYLI Intelligence will partner with SBI on a blockchain-based remittance service for financial institutions. Separately, Siam Commercial Bank and SBI are building the first Japan-Thailand remittance service powered by Ripple. Transfers between the two countries will take under five seconds, a major improvement from the one to two business days required now.
