SBI Holdings, the parent company of the SBI Group in Japan, has established a cryptocurrency mining firm. SBI Mining Chip Co., Ltd., will engage in the development of Bitcoin (and Cryptocurrency) mining chips and hardware. The head office of the SBIMC is in Minato-ku, Tokyo with Adam Traidman heading the entity.
Adam Traidman is the former CEO of the BRD (Breadwinner AG), which built the Bread Wallet for Bitcoin and other cryptocurrencies. Adam Traidman has worked for NASA as well. He has also served as the President and CEO of Chip Estimate Corporation.
The announcement also noted that:
The development and manufacturing will be conducted together with a relationship between a large semiconductor enterprise in the U.S.
SBI holdings Crypto-Ventures
Japan’s SBI holdings have been a forerunner in implementing and adopting Blockchain and Cryptocurrencies in the Eastern Hemisphere. Especially, Ripple and SBI holdings have established successful payment ventures over the years. SBI holdings have a long-standing partnership with Ripple.
Yoshitaka Kitao, the CEO of SBI holdings had noted that:
There is basically no value for Bitcoin. The fact that Bi coins are going to be used more and more in practical use is not easy when it comes to that price. So I think that ‘XRP’ in the crypto world is probably the number one crypto asset.
Recently, SBI holdings also released details of its stake in the MoneyTap App that is a mobile payment app for domestic and international payments. The App is based on Blockchain ledger. SBI Holdings also invested in Tangem to foster the growth of Blockchain in Japan.
With Institutions like SBI Holdings investing in Mining, do you think the mining business still has potential? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com