Japanese financial services company SBI Holdings is getting into the crypto-mining hardware game. The company announced it has established a new subsidiary that it hopes will strengthen its strategy related to digital assets and cryptocurrency.
The financial giant's new business, SBI Mining Chip Co., Ltd. (SBIMC), will be responsible for the manufacturing of crypto-mining chips as well as the development of mining systems. It will be headed by Adam Traidman, a former NASA employee and former president of the Chip Estimate Corporation. According to SBI Holdings, Traidman started his career in Silicon Valley, where he spent 20 years as a "serial entrepreneur." Traidman and his group will work with an undisclosed "large semiconductor enterprise" based in the US to develop the mining systems and manufacture the mining chips.
Speaking of its primary goal in creating the SBIMC department, SBI Holdings said, "The SBI Group will promote efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market."
The SBI Group first announced its interest in the virtual currency industry in 2017. According to a 2017 financial results report, the company was preparing to set up bitcoin cash (BCH) mining operations overseas in an effort to stabilize the crypto market. That plan came to fruition in February 2018 when the SBI Group established SBI Crypto, which mined BCH using the bitcoin.com mining pool. However, SBI Crypto was short-lived; mining of BCH stopped in September 2018.
The closing of SBI Crypto did not weaken the corporation's drive to be an active participant in the cryptospace. In June 2018, the SBI Group announced the launch of its VCTRADE virtual currency trading platform. In September 2018, it unveiled a proof-of-concept trial for its in-house settlement token, S-Coin, which is intended to allow customers to conduct financial settlements using a smartphone application.