Companies record impressive crypto gains – see how much SBI made
April 29, 2021
SBI Group recorded pre-tax profits of 10.9 billion yen from crypto-based businesses in the last fiscal year.
The company has been actively involved in the expansion of its presence in the crypto industry.
SBI Group still offers support for the troubled XRP project to continue the shareholder benefits program.
The company announced that it doubled its profits from crypto-related dealings over the past year.
The company records impressive turnover in the crypto business
SBI Group says it had a pre-tax profit of 10.9 billion yen (about USD174 million) from crypto-based businesses in the last fiscal year. The turnover is an impressive one, considering that its earnings within the crypto market for the previous year was 10 billion yen (USD92 million).
SBI doubled crypto business profits in past fiscal year SBI’s total pre-tax profit from its crypto business surged above $174 million in the past fiscal year. 14338 Total views News
Japanese financial giant SBI Group more than doubled the total profit of its cryptocurrency business during the fiscal year that ended in March.
On Wednesday, SBI released a report on the company’s financial results, disclosing that its pre-tax crypto-powered profits during the past fiscal year amounted to 18.9 billion yen ($174 million). The amount is 10 billion yen ($92 million) higher than the total pre-tax total profit recorded over the previous fiscal year, SBI said.
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Financial Giants SBI and SMFG Working on Digital Stock Exchange in Japan
Last Updated: 31 January 2021
Japan’s status as a leader in the global blockchain and crypto space has never been in doubt, with the country excelling due to its favorable regulatory landscape. Now, industry players are set to launch a new initiative to bring some of blockchain’s benefits to the traditional financial space.
All Systems Go
On Thursday, a report on the Nikkei Asia Review confirmed that two financial giants in Japan are working on launching a digital stock exchange in the country. The initiative is a collaboration between commercial bank Sumitomo Mitsui Financial Group (SMFG) and financial services giant SBI Holdings.