The Japanese giant SBI Group created a dedicated subsidiary that will be manufacturing cryptocurrency mining chips and systems. This main intention is to enter the crypto mining market and compete against the largest companies in the space. The information was released by the company on Friday in a press release.
SBI Holdings Enters the Crypto Mining Market
Although the cryptocurrency mining market has been hit by the bear market in the space, there are companies that want to take the risk and invest in this volatile industry. The new venture is called SBI Mining Chip Co. (SBIMC) and is part of SBI’s strategy on digital assets-related businesses.
The new venture is going to be led by Adam Traidman, a former NASA veteran. He has a high level of expertise semiconductors and other electronics. Thus, he was a perfect match for the upcoming plans of this company to launch a crypto mining subsidiary. The development and manufacturing with be conducted with a relationship between a large semiconductor company in the United States.
The company is working on a wide range of businesses related to digital assets and virtual currencies. Indeed, the firm has already practiced its crypto mining business overseas and decided to expand the business to the manufacturing of mining chip itself.
The press release reads as follows:
“The SBI Group will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market.”
SBI has been mining Bitcoin Cash (BCH) in the past, however, they halted these operations some time ago. The company informed back in 2017 that they were interested in the cryptocurrency market and space. SBI Group wanted to acquire virtual currencies directly by purchasing them or through mining activities.
The firm has also launched a regulated virtual currency exchange called VCTRADE in June 2018. It has also launched a money transfer application called MoneyTap in a partnership with Ripple.