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In the previous fiscal year, SBI’s gross pre-tax earnings from its crypto market surpassed $174 million.
During the fiscal year that ended in March, Japanese financial behemoth SBI Group more than doubled the nett profit of its cryptocurrency company.
On Wednesday, SBI released a report on the company’s financial results, disclosing that its pre-tax crypto-powered profits during the past fiscal year amounted to 18.9 billion yen ($174 million). The amount is 10 billion yen ($92 million) higher than the total pre-tax total profit recorded over the previous fiscal year, SBI said.
SBI’s crypto division consists of many firms, including the crypto trading site SBI VC Trade, the mining arm SBI Crypto, and recently purchased crypto trading sites such as TaoTao and B2C2. SBI acquired a 90% interest in B2C2, converting it to a subsidiary in December 2020, shortly after purchasing the TaoTao cryptocurrency exchange in October.
SBI states in the paper that it will continue to fund XRP distributions as part of the XRP shareholder benefits scheme.
In addition, the company reaffirmed its commitment to creating a Singapore-based digital asset exchange in partnership with the Swiss-based SIX Digital Exchange. “Through collaboration with the SIX Group, which has a high level of expertise in dealing with institutional investors, we aim to further expand the liquidity of digital assets and services for institutional investors,” the firm said.
SBI also mentioned plans to establish a digital stock exchange with Sumitomo Mitsui Financial Group. The website, dubbed Osaka Digital Exchange, is scheduled to begin trading digital securities in 2023.
SBI has previously highlighted the positive effect of cryptocurrency on its market, announcing that SBI Securities’ trading revenue increased in 2019 as a result of its crypto investment arm.