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SBI Crypto Investment, a subsidiary of one of Japan's largest financial institutions, recently invested in Breadwinner AG, a cryptocurrency company.
The head of the family received a sum of money not disclosed by the SBI Group to help in its operations. Breadwinner AG is a Swiss company that develops cryptographic products like the recently launched BRD mobile portfolio. Reportedly, BRD is already operating in 170 countries and has recorded 1.8 million downloads from both Android and iOS users.
According to the announcement made on their website, SBI Group has stated that it intends to expand its capacity and agreements with companies related to digital resources to build a digital-based ecosystem. SBI Group declared:
"We will continue to focus on investments and ties with digital venture companies linked to activities with high technical capabilities, while seeking synergies with digital companies related to the SBI group's assets".
In the six months ended September 30, 2018, SBI Holdings recorded over 176 million yen (about $ 1.6 million) in revenue as per interim results from SBI.
SBI is not new to invest in cryptographic space. The company has shown great support for the blockchain and crypto community for quite some time. Last August, the company made a second investment in LastRoots, a cryptocurrency exchange that was overseen by the authorities. At the time, SBI declared that their move to invest in the company was to help the exchange improve its internal system so that it could finally get the approval of the Financial Services Agency (FSA).
In the same month, another subsidiary of SBI Holdings, the SBI Saving bank in Korea, announced that it had signed a memorandum of understanding with Dayli Intelligence specializing in artificial intelligence and blockchain technologies.
At the start of 2018, SBI acquired 40% of CoolBitX, a hardware cryptocurrency portfolio in Taiwan. The portfolio company is known for its CoolWallet, which can interact with other devices via Bluetooth.
SBI Holdings also has a cryptographic exchange, called VcTrade. The exchange has recently added Bitcoin Core (BTC), Ethereum (ETH) and Ripple (XRP). SBI also collaborated with R3 to promote Corda Blockchain in Asia and collaborated with Ripple for the launch of an international remittance assignment.
