Japan's financial giant SBI puts on cryptocurrency funds - Finance Bitcoin News
Japan's financial giant SBI puts on cryptocurrency funds - Finance Bitcoin News
The Japanese financial conglomerate SBI Holdings reports on a cryptofonds that will invest in several cryptocurrencies. "I want people to hold it together with other assets and learn first -hand how useful it can be for the diversification of portfolios," said a manager of the company.
SBI Holdings launches crypto fund
SBI Holdings Inc. has announced his plan to set up a cryptocurrency fund by the end of November, Bloomberg reported on Thursday and called him the country's first cryptocurrency fund.
Tomoya Asakura, director of SBI Asset Management and President of the SBI subsidiary Morningstar Japan, explained that the fund will invest in a number of cryptocurrencies, including Bitcoin, Ethereum, xrp , bitcoin-bargeld.
He added that the fund is aimed at customers who understand the risks associated with cryptocurrencies, including their high volatility. In addition, there can be a minimum investment of around one million yen ($ 9,122) to three million yen.
Asakura recently found in an interview that the company, when the first fund "goes very well", wants to "act quickly" to set up a second fund. He said:
I want people to hold it together with other assets and experience first -hand how useful it can be for the diversification of portfolios.
SBI also consider the laying of another fund that is specially tailored to institutional investors if the demand for the product is sufficient, the manager found.
Due to strict crypto regulations after hacking incidents on stock exchanges in Japan, it took four years before SBI had launched his crypto fund, it was said in the publication. It added that the company had to change its plan, as the fund is offered to investors, to comply with the regulations.
SBI originally planned to put up his cryptofonds as an investment of trust, a popular investment method in Japan. The state's highest financial supervisory authority, the Financial Services Agency (FSA), banned companies, however, banned to sell crypto investments with this method. The company then changed its plan and will offer its crypto funds to investors with a vehicle known as an "anonymous partnership".
asakura noticed: "There is an overwhelming perception that cryptocurrencies are very volatile and speculative." He plans to build a success balance sheet to show the public and the supervisory authorities that cryptocurrencies can help investors diversify their portfolios.
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