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SBI Holdings’ Subsidiary Sees Positive Profits in First Fiscal Year, Plans to Launch STO Soon

By Chris Torres | May 3, 2019
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SBI Holdings’ Subsidiary Sees Positive Profits in First Fiscal Year, Plans to Launch STO Soon

SBI Holdings’ new cryptocurrency exchange subsidiary SBI Virtual Currencies (SBIVC) reported to have achieved profitability after one year operating.

The SBIVC purportedly recorded approximately 360 million Japanese yen (or $3.2 million) in the full fiscal year from last year’s April to the end of this March.

In addition, the exchange has also made major announcements regarding the launch of a security token offering (STO) later in 2019, as soon as the revision period for the Financial Instruments and Exchange Act is due this June, according to an official financial report by SBI Holdings (April 26).

The group also included plans to advance its recent mining subsidiary SBI Mining Chip (SBIMC), with high hopes that it will increase in mining hash rate.

Meanwhile, SBI is strengthening the alliance with Ripple, with its CEO and representative director, Yoshitaka Kitao recently appointed executive of Ripple Labs.

SBI Virtual Currencies was open for business in June 2018 as a cryptocurrency exchange that lists bitcoin (BTC), ether (ETH), XRP and bitcoin cash (BCH).

Earlier in April, controversies arose following SBI’s delisting of BCH earlier in April, which many likened to the same occurrence from other exchanges. Ultimately, SBI publicly disproved such claim, explaining that its decision was no result of a “domino effect,” as reported by The Crypto Sight.

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