Japanese SBI Bank Invests in a Taiwan’s Crypto Cold Hardware Wallet

Japan is getting involved in creating a crypto hardware wallet. The giant Strategic Business Innovator Holdings (SBI Bank) has announced that is investing a huge amount of money in a Taiwan crypto project.

SBI Holdings, a subdivision of the Japan’s SBI Group, made public the announcement via their official website on 2 March 2018. According to it, the company holds 40% of the assets of Taiwanese crypto hardware wallet CoolBitX.

According to the statement, “CoolBitX Corporation develops and sells cold wallets* for storing and managing virtual currency in Taiwan. The wallet function of preserving the virtual currency has received a great deal of attention due to recent consecutive virtual currency theft cases. Among them, CoolBitX’s cold wallet “CoolWallet” has a thin and light feature, and it can connect to iOS and Android by Bluetooth function.”.

*Wallets detached from the Internet

The SBI Holdings has constantly expanded its portfolio and services related to cryptocurrency industry. Thus, the company has proposed to invest in hardware wallet CoolBitX for the reason of technological security. SBI wants to benefit from a higher security in terms of customer information, but also financial resources entrusted to them.

SBI’s crypto investments

SBI Holdings, together with SBI Investments, became the first conglomerate that decided to expand into Bitcoin exchange Kraken in early 2016. Later, they emerged to invest in bitFlyer, the most influential and largest crypto exchange in Japan.

By the end of 2016, SBI unveiled some ideas about their new project. They have proposed to design and launch their own crypto exchange. Unfortunately, they have failed with the project because of government-related security regulations. In case the project succeeded, SBI’s crypto exchange would be “the country’s first bank-backed exchange platform”.

About the SBI’s future plans 

SBI is planning to create its own cryptocurrency based on the blockchain technology that will be tradeable equivalent with the Japan’s national currency- yen. They want to introduce this new digital currency into P2P transactions.

SBI has already launched SBI Ripple Asia, a direct collaboration with the mother- company based in San Francisco. The purpose of this partnership was to introduce the Ripple currency into cross-border transfers in ASEAN countries.

SBI Holdings has big plans related to the crypto industry and blockchain technology. The company is devoted to foreign investment in order to benefit from their services as part of their personal operations.