SBI Holdings, a Japanese financial services giant announced on 22 March its establishment of a new subsidiary to manufacture cryptocurrency mining chips and systems.
SBI commenced by stating that the new venture SBI Mining Chip Co. (SBIMC) is a part of SBI’s goal on digital asset related businesses. The SBI Group has also strongly advocated a wide range of digital asset businesses including digital exchange and other blockchain technologies.
SBI cited on its latest venture as –
“The Group has practiced its cryptocurrency mining business at overseas and has now decided to expand its business scope to the manufacturing of mining chip itself and development of mining systems, through SBIMC.”
SBI further added that SBIMC will be carrying out the development and manufacturing of cryptocurrency mining chips in collaboration with an unnamed large semiconductor enterprise in the US. The new venture would be spearheaded by former NASA veteran Adam Traidman, who has a “high level of expertise in the field of leading-edge semiconductors and other electronics”.
SBI conveyed the credentials of Adam. The NASA veteran has a total experience of over two decades and has served as CEO of Chip Estimate, an electronic design automation company and WearSens, a wearable device developer in the past. He currently serves as CEO of BRD, in which SBI Group has invested.
The SBI Group through its other venture SBI Crypto had set up an infrastructure to mine bitcoin cash (BCH). However, the firm has stalled these operations and is no longer mining the digital coin.
SBI had expressed their interest in cryptocurrencies two years ago. During that period, SBI had aspirations to acquire digital coins directly. SBI had also considered resorting to cryptocurrency mining. SBI was also a strong promoter of investment opportunities related to digital coins.
In January, SBI had announced its partnership with an enterprise blockchain software firm, R3, to accelerate the adoption of Corda blockchain in Japan. The joint venture officially christened as SBI R3 Japan Co., Ltd had the vision of providing distributed ledger technology (DLT) to platforms like Corda and other related business.
Likewise, SBI had invested 15 million U.S. dollars in Swiss startup Tangem, maker of a hardware wallet for cryptocurrencies. With this investment, Tangem would be able to extend its product offering in other industries and provide better support to blockchain companies.
SBI Group concluded on a note to foster a sound and solid cryptocurrency market. The firm plans to achieve this goal by promoting reliable, efficient and practical mining operations.