By Ollie H - Cryptocurrency Broker - 04-09-2021
Globally, cryptocurrency trading has grown in popularity, with more people gaining interest in investing. Even many wall street stock traders have decided to take the plunge to invest in cryptocurrency in order to diversify their portfolio further.
Lately in Japan, a significant banking company, SBI Holdings, hopes to provide crypto exposure to the country. As reported in an article on Bloomberg, SBI Holdings aims to create Japan's first cryptocurrency fund and release it to the nation. The plans to establish and launch the new fund will commence by the end of November this year.
According to the Bloomberg article, SBI Holdings currently has made plans to allow users of the crypto fund to invest in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and they can even buy XRP and other popular cryptocurrencies. That being said, investors will likely have to make a large deposit of $9000 to $27000 or 1-3 million yen; this could help the fund expand to millions of dollars.
The Director of SBI, Tomoya Asakura, has stated that they wanted Japan to have more exposure and more opportunities to buy cryptocurrency alongside other investments. Asakura said that cryptocurrency can be used for diversifying portfolios and that if this project is a success, the company will establish a second fund.
In other news in the country of Japan, BTC PEERS has reported that prominent US crypto exchange platform Coinbase has expanded into Japan. The platform has established itself within the country through collaboration with Mitsubishi UFJ Financial Group (MUFG).