Japanese Financial giant (SBI) doubled crypto business profits in the past year

By: Dickson Arinze

May 1, 2021 4:03 AM

SBI group's total pre-tax profit from the crypto arm of the financial giants climbed above $147 million in the past year.

The financial giants more than doubled the total profits of their cryptocurrency business during the fiscal year which ended in March 2021.

According to a statement released by SBI on Wednesday, revealing the companies financial results. The report showed that its pre-tax profits were powered by its crypto business and amounted to 18.9 billion yen ($174 million). The amount recorded is higher by 10 billion yen ($92 million) when compared to the total pre-tax recorded in the previous fiscal year.

SBI's crypto arm consists of several companies with most of them recently acquired from December 2020. The companies comprise of digital assets trading platform SBI VC Trade, a crypto mining arm (SBI Crypto) along recently acquired trading platforms such as TaoTao and B2C2.

However, SBI also stated in the report that it will continue its support of XRP dividends which falls in line with the firm's XRP shareholders benefits program.

The firm also reiterated it is still devoted to creating a Singapore-based digital asset exchange in alliance with SIX Digital Exchange based in Switzerland. SBI stated

"We aim to expand further the liquidity of digital assets and our services for institutional investors by collaborating with SIX Group, which posses a high level of expertise in dealing with institutional investors."

SBI previously called attention to the positive impact of crypto on its business, the financial group reported its securities trading revenue rise in 2019 is largely attached to its crypto-investment arm success.

The Japanese financial group mentioned its plans to set up a digital stock exchange in collaboration with Sumitomo Mitsui Financial Group. Dubbed Osaka Digital Exchange, the platform is foreseen to start trading digital securities in 2023.