Japan's SBI Holdings plans to launch the country's first cryptocurrency-focused fund with the help of anonymous union, a Twitter user @sentosumosaba first reported, citing the holding's press release.
The fund will reportedly be launched this summer.
Getting through the SBI Business Presentation Material that was just released. Something NEW. Establishing Japan's first "crypto asset fund" scheduled to start summer of 2020~
— CryptoEri (@sentosumosaba) June 26, 2020
Investment/storage! #XRP, Bitcoin, Ethereum pic.twitter.com/6lv3DaKsau
SBI expects to achieve a high level of diversification with cryptocurrencies for the investment portfolio as digital assets barely correlate with traditional assets.
According to the SBI Business Presentation Material, the fund will allocate 50% in XRP, 25% in bitcoin (EXANTE: Bitcoin) and 25% in ether (ETH).
SBI also reported it plans to roll out its own exchange for Security Token Offerings (STO) by the end of this year.
The company claims it is already working on products it would offer when the exchange is ready for release.
Last year, the Japanese financial services giant announced the launch of a dividend program to reward its investors with XRP.
All investors holding at least 100 or more shares of SBI Holdings could receive 30 XRP coins as a dividend.
In order to benefit from this program, shareholders had to open a free account in crypto exchange SBI VC Trade.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.