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Japan's SBI Group To Foray Into Crypto Mining Sector


Japanese conglomerate SBI Holdings, primarily a financial services group, is now venturing into the crypto-mining sector to manufacture cryptocurrency mining chips and mining systems. It could be competing with mining system giants Taiwan-based Nvidia and Beijing-based Bitmain.

The SBI Group has partnered an unnamed large U.S.-based semiconductor firm to develop and manufacture the cryptocurrency mining hardware.

The SBI Group established a subsidiary, SBI Mining Chip Co., Ltd. (SBIMC), which will engage in manufacturing of mining chips and development of mining systems.

The Group has practiced cryptocurrency mining business by mining only through its subsidiary SBI Crypto overseas, but exited it last year. It has now decided to expand its business scope to the manufacturing of mining chip itself and development of mining systems, through SBIMC.

The group has named Adam Traidman to lead the new business. Traidman is an expert with a high level of expertise in the field of leading-edge semiconductors and other electronics. After serving at National Aeronautics and Space Administration (NASA), Traidman has developed his career at Silicon Valley as a serial entrepreneur for over 20 years.

In June last year, another SBI Group wholly-owned subsidiary, SBI Virtual Currencies, had launched its cryptocurrency spot trading service called "VCTRADE" which initially covered only Ripple's native currency XRP.

Earlier, SBI also co-launched SBI Ripple Asia with blockchain firm Ripple to develop the adoption of blockchain cross-border payments.

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