The Japanese financial conglomerate SBI Holdings plans to launch the country’s first cryptocurrency fund by the end of November, Bloomberg reports.
According to one of the group’s top executives, Tomoi Asakura, the fund will invest in Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin and, possibly, other digital currencies.
Its assets could reach “hundreds of millions of dollars,” he added.
The minimum investment will be 1–3 million yen (about $9,088–$27,264).
The fund targets individuals who recognise the risks associated with cryptocurrencies, including volatility, Asakura noted.
“I want people to hold this product alongside other assets and, through their own experience, see how useful it can be for diversifying portfolios,” he said.
If the first crypto fund is successful, the company intends to launch a second later, Asakura said.
Earlier in March 2021, SBI Holdings launched a mining pool.
The group also announced creation of a joint cryptocurrency venture with overseas partners and launch of a blockchain exchange.
In 2016, SBI Holdings formed the joint venture SBI Ripple Asia with the XRP issuer, the fintech company Ripple.