Major Japanese financial firm SBI Group more than doubled total profits from its cryptocurrency business in the fiscal year ended March.
On Wednesday, SBI released a report on the company’s financial results. This shows that the total profit from cryptocurrencies last fiscal year was 18.9 billion yen ($ 174 million).That amount is 10 billion yen ($ 92 million) higher than total profit excluding taxes recorded in the past fiscal year, SBI said.
SBI’s cryptocurrency division has several companies including the cryptocurrency trading platform SBI VC Trade., the mining arm SBI Crypto, and recently acquired cryptocurrency trading platforms such as TaoTao and B2C2.SBI has bought a 90% stake in B2C2With that, it became a subsidiary in December 2020, shortly after acquiring Crypto Exchange TaoTao in October.
In the report SBI notes that XRP dividends will continue to be supported as part of the company’s XRP shareholder benefits program.
The company also reiterated its commitment to building a Singapore-based digital assets exchange in partnership with Switzerland-based SIX Digital Exchange. “Our goal is to further expand the liquidity of digital assets and services for institutional investors by working with the SIX Group, which has a high level of experience in dealing with institutional investors.”the company stated.
SBI also mentioned its plans to create a digital exchange in partnership with Sumitomo Mitsui Financial Group.The platform, known as the Osaka Digital Exchange, is expected to start trading digital securities from 2023.
SBI previously highlighted the positive impact that cryptocurrencies have on its business. The increase in SBI Securities business revenue in 2019 was due to its crypto investment wing.