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.

Japanese financial giant SBI Group has more than doubled the total profit of its cryptocurrency business in the fiscal year ending March 2021.

SBI released a report on the company’s financial results on Wednesday, disclosing that its pre-tax crypto-powered profits in 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 ending March 2020, SBI said.

SBI’s crypto division features several companies including crypto trading platform SBI VC Trade, mining arm SBI Crypto, as well as newly acquired crypto trading platforms like TaoTao and B2C2. SBI purchased a 90% stake in B2C2, making it a subsidiary in December 2020, shortly after acquiring TaoTao crypto exchange in October.

In the report, SBI noted its continued support of XRP dividends as part of the company’s XRP shareholder benefits program.

The firm also reiterated its commitment to establishing a Singapore-based digital asset exchange in collaboration with Swiss SIX Digital Exchange. “We aim to further expand the liquidity of digital assets and services for institutional investors through collaboration with the SIX Group, which has a high level of expertise in dealing with institutional investors,” the firm stated.

SBI also mentioned its plans to set up a digital stock exchange in collaboration with Sumitomo Mitsui Financial Group. Dubbed Osaka Digital Exchange, the platform is expected to start trading digital securities in 2023.

SBI previously highlighted the positive impact of crypto on its business, reporting that SBI Securities’ trading revenue surge in 2019 came thanks to its crypto investment wing.