SBI’s Crypto Exchange SBIVC Considers STO After Achieving Profits During Its Fiscal Year
SBI Virtual Currencies (SBIVC), the crypto exchange created by SBI Holdings, has been profitable in its first fiscal year, according to its report own reports. The company, which is based in Tokyo, has reported a record profit before paying taxes, $3.2 million USD for the whole year.
Along with this information, the company made some major announcements as well. For instance, the company revealed that it is currently planning a Security Token Offering (STO) next year and that it is waiting for the revision of the Financial Instruments and Exchange Act, which will come out this year, in order to do it.
The company is also focused on the expansion of its cryptocurrency mining arm, SBI Mining Chip (SBIMC). It is expected to expand the services provided by this sector.
Another promise of the company was that it would continue to strengthen the relationship with Ripple, which is considered a major partner of SBI. Ripple created the XRP tokens, which are currently the third-largest cryptos in the world by market cap.
The CEO of SBI, Yoshitaka Kitao, has been appointed as an executive in Ripple recently, which is another reason for the company to approximate more.
SBI Virtual Currencies is a company that was registered in Japan in 2017 and it went live in June last year. Initially, the company had only a limited number of orders, but then, a month later, registration started and the money started to flow.
At the moment, the exchange supports all most famous currencies: Bitcoin (BTC), Ethereum (ETH), XRP and Bitcoin Cash (BCH). BCH was delisted later, though. At the moment, there are promises of other tokens to be listed soon.