SBI doubled crypto business profits in past fiscal year

Financial service firm SBI Holdings has reported that its cryptocurrency and blockchain businesses saw an increased in profits in the past fiscal year. The company, in a statement today, January 15, revealed that it generated an operating income of US$56 million in the year ended March 31, 2018. This is double the US$29 million profit it recorded in the previous year.

In a March report, the Japanese financial giant SBI Holdings revealed that its crypto business, SBI Virtual Currencies, had exceeded its income from the previous year. According to the report, the company’s operating profit in FY2018 climbed to ¥5.5 billion (approx. $50 million) from ¥2.6 billion (approx. $23 million) in FY2017, translating to a 65 percent growth.

Japanese financial giant SBI Group more than doubled total profits from its cryptocurrency business in the fiscal year ending March 2021.

SBI released its financial results report on Wednesday, revealing that the cryptocurrency’s pre-tax profit was 18.9 billion yen ($174 million) in the past fiscal year. This is 10 billion yen ($92 million) more than the total pre-tax profit in the previous fiscal year ending March 2020, SBI said.

SBI’s crypto division includes several businesses, including crypto trading platform SBI VC Trade, mining division SBI Crypto, and recently acquired crypto trading platforms such as TaoTao and B2C2. SBI acquired a 90% stake in B2C2 and made it a subsidiary in December 2020, shortly after acquiring cryptocurrency exchange TaoTao in October.

In the report, SBI noted that it continues to support the XRP dividend as part of the XRP shareholder benefit program.

The company also reaffirmed its intention to establish a digital assets exchange in Singapore, in partnership with Swiss digital exchange SIX. We are committed to further enhancing the liquidity of digital assets and services for institutional investors by partnering with SIX Group, which has significant expertise in working with institutional investors, the company said.

SBI also reported its intention to set up a digital stock exchange in partnership with Sumitomo Mitsui Financial Group. The platform, dubbed the Osaka Digital Exchange, is expected to begin trading digital securities in 2023.

SBI has previously pointed to the positive impact of cryptocurrencies on its business, reporting that SBI Securities’ cryptocurrency investment wing has seen trading revenues increase in 2019.

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