A virtual currency fund inauguration has been proposed by SBI Holdings, which is the financial giant of Japan. The fund will be maintained for onward investment into the virtual currencies. An official of SBI Holdings suggests that the company wants people to witness the firsthand experience of how beneficial the fund is going to be for diversifying their individual portfolios.
On Thursday, 2nd September 2021, SBI Holdings of Japan has announced that it wishes to launch a virtual currency dedicated fund. SBI Holdings has claimed that it is for the first time that a virtual currency fund will be hosted by the company. The fund is proposed to be launched preferably in the month of November or in December 2021. However, no exact date has been disclosed by SBI Holdings of Japan.
Japan’s financial giant’s Director, Tomoya Asakura, told that the fund’s primary objective would be to make further investments. However, the investments will be purely for virtual currencies and assets. Most likely, the funds lying in the account will be invested in virtual currencies such as Ethereum, Bitcoin, Bitcoin Cash, Litecoin, and XRP.
Asakura further explained that the proposed fund will focus on to specific customers who are interested in virtual currency investment. Above all, those customers will be allowed to invest who are fully aware of the risks and dangers involved in virtual currency investment. Before they could invest in the fund, an undertaking will be obtained from each intended customer. They undertake would reflect that the person undertakes that he or she is aware of the risks of virtual currencies and their volatility.
Further conditions of the investment were elaborated by Asakura. He informed that an interested person would need to invest a minimum of 1 Million Japanese yen which equals to US$ 9,122.
He was interviewed by the press recently as well where he mentioned that SBI Holdings has no experience in crypto funds. This is going to be the country’s first initiative and he hopes for a fruitful outcome from the initiative. Furthermore, he told that though it is the first fund, however, there will be another crypto fund soon after the first’s launch. He suggested that his company’s customers deserve to know how beneficial crypto is. Although they are holding other assets but adding crypto into their personal portfolios would bring diversity in their wealth.
As regards, the second crypto fund in the pipeline, Asakura told that it would be dedicated to the company’s institutional clients. There is a huge demand for crypto amongst the company’s institutional customers and SBI Holdings would like to fulfill their demands. Asakura notes that the crypto fund would have been launched some four years back. However, because of growing crypto frauds and hacking incidents, the company decided to postpone the launch. It took almost four years for the company to finally come up with the crypto fund, claimed Asakura.