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Japan’s SBI Holdings to Launch Crypto Fund: Report
The fund could reach several hundred million dollars and include bitcoin, ether and other cryptocurrencies.
Japanese financial services group SBI Holdings intends to launch a cryptocurrency fund before the end of November, according to Bloomberg.
- Bloomberg cited Tomoya Asakura, president of SBI affiliate Morningstar Japan K.K., who said the fund could total several hundred million dollars in bitcoin, ether, XRP, bitcoin cash, litecoin and other cryptocurrencies.
- The fund could require a minimum investment of a minimum of roughly 1 million yen (US$9,100) to 3 million yen ($27,000) and will target investors who understand cryptocurrency’s volatility and other risks.
- “I want people to hold it together with other assets and experience firsthand how useful it can be for diversifying portfolios,” Asakura told Bloomberg, adding that if the fund succeeds the company would “move quickly” to launch a second one.
- SBI needed four years to reach this point, largely because of Japan’s tightening restrictions over cryptocurrency investing.
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James Rubin
James Rubin was CoinDesk's Co-Managing Editor, Markets team based on the West Coast. He has written and edited for the Milken Institute, TheStreet.com and the Economist Intelligence Unit, among other organizations. He is also the co-author of the Urban Cyclist's Survival Guide. He owns a small amount of bitcoin.
