Ripple’s Partner SBI Holdings’ Crypto Exchange Made $3.2 Million In Profit, Possible STO Plans
The recognized company SBI Holdings has recently informed that their virtual currency exchange SBI Virtual Currencies made a profit of $3.2 million during the first year of operations. The company is one of the most important Ripple’s partners in the market. The information was released by the company in its financial report.
Ripple’s Partner Remains Confident About XRP
At the same time, the report explains that the Japanese financial regulator, the Financial Services Authority (FSA), proposed amendments fo the Funds Settlement Act and Financial Instruments and Exchange Act. This is why SBI Holdings is moving into this direction taking the necessary steps to be always in line with what regulators request.
Moreover, the report explains that the firm is planning to expand its virtual currency mining arm called SBI Mining Chip. At the moment, the exchange supports different cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and XRP. They also support Bitcoin Cash (BCH) but they announced that they will be delisting it as soon as in June 2019.
SBI Holdings remains confident that XRP will be a successful digital asset in the future. XRP works as a cryptocurrency for international remittance and settlements, specifically designed for banks and financial institutions around the world.
The 2018 fiscal year report that the company published a few days ago, unveils that the company is moving towards greater collaboration between Ripple Labs and the blockchain platform R3. According to the firm, RIpple has high potential to become a global standard for financial operations such as international money transfers and trade finance.
XRP was the first cryptocurrency that became compatible with the R3 Corda platform, a network that has been created in order to facilitate seamless transfer of data and value. SBI Holdings has been working with Ripple since 2016 when they launched a a joint venture called SBI Ripple Asia to promote and expand the adoption of the XRP digital asset in the region.
Additionally, the firm has also built Money Tap, a consumer-facing payments app that works with the xCurrent product developed by Ripple.
Finally, the firm is considering a Security Token Offering to launch a new digital asset management fund. This fund would be investing in virtual currencies, specifically in Bitcoin and XRP.
Currently, XRP is the third largest cryptocurrency in the market. Each XRP can be purchased for $0.29559 and it has a market capitalization of $12.42 billion.