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Ripple’s partner and Japan’s banking giant SBI Holdings is planning to fund Japanese startups in the Web3 and Artificial Intelligence (AI) areas. The funding will be a game changer paving the way for development for several startup companies in Japan.
According to the report, the massive funding company will organize a fund to invest 100 billion Japanese Yen (JPY), which is worth $663 million, in close to 150 startup companies.
Japan SBI Holdings Funds Will Be Game Changers for AI & Web3 Startups
The announcement of planning separate funding for the AI and Web3 industry will be a revolution for Japan, enhancing its position in the aforementioned sectors and promoting domestic companies.
It is to be noted that in Japan, the development of start-up companies and unicorn funding is low compared to that in the U.S., and Europe. To change the dynamics and make Japan, a hub of startups, this is said to be a perfect move.
A representative of SBI Holdings emphasized the need for the funding as it will boost the startup ecosystem and Web3 and AI industry so that even Japan can compete with other countries in this sector.
Furthermore, Major domestic banks and regional banks will also expected to fund several startups which will add to the funds.
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Japan Aims To Take Startup Investment to 10 Trillion Yen
Considering the significant potential of startups in Japan and how low funding is an issue for development, Japan’s SBI Holdings decided on this funding management.
Furthermore, Sumitomo Mitsui Banking Corporation, Mizuho Bank, Japan Life Insurance, and Daiwa Securities Group have already decided to invest more than 500 billion yen in this fund. There are few venture capital (VC) funds worth 1 billion yen in Japan, confirmed SBI Holdings.
Meanwhile, the startup funding announcement will be an addition to the XRP lending service announcement. Notably, SBI Holdings and a key Ripple strategic partner announced the start of the XRP leading service. With the new lending services, businesses can borrow XRP held by the firm from customers and in return get a usage fee based on the lent amount and period.
Now, after the boost to the cryptocurrency market with XRP Lending Service, Japan’s SBI Holdings will make its entry into funding startups for the development of AI and the Web3 sector.
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