SBI Holdings to Launch Japan’s First Crypto Fund Before 2021 is Over

2021-9-4 18:25

Japanese financial giant SBI Holdings is now planning to launch the country’s first cryptocurrency fund before the year is over. With this offering, the company aims to give individual investors a way to diversify their broader portfolio, reported Bloomberg.

The fund that seeks to be launched by the end of November could grow to several hundred million dollars.

It will invest in Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), and other crypto assets, said Tomoya Asakura, who oversees asset management for Japan’s biggest online brokerage, SBI affiliate Morningstar Japan K.K.

“I want people to hold it together with other assets and experience firsthand how useful it can be for diversifying portfolios,” Asakura told Bloomberg, adding that if the fund succeeded, the company would “move quickly” to launch a second one.

Investors in the fund may be required to put in a minimum of roughly 1 million yen ($9,100) to 3 million yen.

Asakura further said that this fund would mainly be aimed at people who understand risks associated with cryptocurrencies, such as high volatility.

It took four years for SBI to come to this point, primarily because of Japan’s tightening restrictions over crypto investing.

Earlier last month, Japan’s Financial Services Agency (FSA) Commissioner Junichi Nakajima said he is open-minded about the potential benefits of crypto but added that digital currencies are currently being used primarily for speculation and investment and not as a means of transferring money. Nakajima said at the time,

“We need to consider carefully whether it is necessary to make it easier for the general public to invest in crypto assets.”

The post SBI Holdings to Launch Japan’s First Crypto Fund Before 2021 is Over first appeared on BitcoinExchangeGuide.

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