SBI eSports Signs Pro FIFA and Super Smash Bros Ultimate Players; Will Be Paid in XRP

SBI eSports, a subsidiary gaming venture of Japanese financial giant SBI Holdings, has signed two professional players to its e-team. In an official announcement made on 16th October, the SBI e-sports subsidiary also revealed that they would be paying its player’s salaries in XRP.

Back in September, the firm revealed that they were planning on paying their player’s salaries in cryptocurrencies. The official announcement read,

“The company aims to raise awareness of the SBI Group by strengthening contact points with the digital generation, and to create synergies with the various financial services businesses of the SBI Group.”

The payment of salary in the digital token would be facilitated via SBI’s crypto-asset trading division called SBI VC Trade. However, the final decision to accept salaries in XRP tokens would lie in the players’ hands. The official signing read,

“Players will be paid in the crypto asset ‘XRP’ instead of Japanese yen based on the wishes of the player and the sponsorship contract with SBI VC Trade Co., Ltd.”

The two pro players signed by the SBI eSports include one of Japan’s top pros in the Nintendo Switch fighting game, Super Smash Bros, Ultimate player Kenji “Ken” Suzuki, and FIFA 21 player Subaru “Mikey” Sagano, who has represented the German soccer club 1. FC Nürnberg.

The signings made by the SBI e-Sports is one of a kind because of the digital asset salary clause, which was not only highlighted in the official announcement but also in the personal tweets made by the signed players.

SBI to Conduct a Security Token Offering for SBI eSports

The SBI Group is also set to conduct a security token offering for the eSports subsidiary expected to occur on October 30. The offering would see 1000 total shares up for grabs valued at 50,000 yen (about $475) per share.

SBI Group is a Ripple partner and one of the significant stakeholders in the digital asset firm.

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Author: James W

SBI Holdings Buys Japanese Crypto Exchange, TaoTao, Just Days After Binance Deal Failed

  • SBI Holdings announces the acquisition of Japanese crypto exchange, TaoTao Inc.
  • TaoTao announced on Monday that an agreement with Binance had failed.

In an announcement on Wednesday, TaoTao Inc., a Japanese based crypto exchange funded by Z Holdings (formerly Yahoo! Finance), was wholly acquired by the Japanese conglomerate, SBI Holdings. The conglomerate is celebrating its second licensed cryptocurrency exchange, as it aims to dive deeper into digital currencies.

According to the statement, SBI Holding’s derivatives and foreign exchange wing, SBI Liquidity Market, acquired 100% of the issued shares on TaoTao, the latter becoming a wholly-owned subsidiary of SBI Holdings.

“We are pleased to inform you that we have decided to become a wholly-owned subsidiary of SBILM,” TaoTao statement.

The Japanese based Financial Service Authority (FSA)-licensed exchange joins SBI VC Trade, SBI’s crypto-focused venture capital arm, as the second licensed exchange owned by SBI Holdings. Both entities will provide crypto trading services to customers across Japan and build on the crypto ecosystem experience.

Following the acquisition, TaoTao aims at maximizing the strengths provided by SBI Group to provide customers with “the latest, safe and secure crypto asset trading services,” the statement further reads.

While no official reports have been released on the deal’s value, sources close to TaoTao claim the total fee could rise to 2 billion Japanese yen, or approximately $19 million.

Binance deal with TaoTao fails.

The news comes barely 48 hours after the Japanese crypto exchange announced that the Binance deal to acquire it had failed. According to the report, the world’s largest crypto exchange was in discussions to buy TaoTao, but the deal fell through with no explanation offered.

Following the failed partnership, it is unlikely that Binance will revive its services to Japan residents this year after abandoning its services due to tough regulations from the FSA.

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Author: Lujan Odera

Targeting Institutional Investors: SBI Holdings Is Buying a Minority Stake in B2C2 Exchange

A unit of Japanese financial conglomerate SBI Holdings, SBI Financial Services is buying a minority stake in London-based crypto market maker B2C2 for $30 million.

This is yet another example of situational-focused crypto players tying up with the incumbent institutions to offer additional services to their clients. Meanwhile, SBI will be getting a new source of revenue, “as a recession has hit their core income stream of local retail traders,” said Reuters.

B2C2 will be the leading liquidity provider of SBI as the latter expands its crypto offerings to millions of its existing customers. On the other hand, the digital asset trading firm will benefit from SBI’s distribution network and financial firepower.

SBI’s balance sheet will complement B2C2’s asset-liability framework “to deliver an execution platform that will not only be a game-changer in crypto but also positions us to expand across asset classes as we set our sights on the $20bn-a-year prime brokerage market,” said Max Boonen, founder of B2C2.

On-Ramp for Institutional Investment

In 2016, B2C2 launched the first crypto-native single dealer platform. Currently, it provides liquidity to banks, exchanges, and hedge funds.

The platform already has a license to operate in Japan, and last year, the firm launched the first OTC streaming price feed and is authorized and regulated by the UK’s Financial Conduct Authority.

SBI meanwhile is launching a fully automated facility, an electronic prime brokerage built upon its single dealer platform, to provide competitive two-way prices in the funding market. This capability will expand B2C2’s existing secured financing operation, already lending hundreds of millions of dollars.

“We expect a lot of synergies with B2C2, a firm which has a large number of clients globally and offers abundant liquidity, excellent price competitiveness, and a diverse suite of products for their customers,” said Yoshitaka Kitao, President and CEO of SBI Holdings.

“We will work to develop innovative new crypto products and deepen synergies across our group of companies.”

Competition is Heating Up

Prime brokers provide services to hedge funds and active trading firms, which is a growing trend in the crypto industry.

Earlier this month, Bakkt partnered up with Mike Novogratz’s Galaxy Digital to launch a “white-glove service” for “multi-billion-dollar” asset managers looking to buy and store bitcoin.

Last month, Genesis Capital acquired the London-based custodian, Volt, to join the likes of identity Digital Assets and BitGo and build the “preeminent prime brokerage in the digital currency ecosystem.”

A week after that, Coinbase announced that it is looking to acquire Tagomi, a crypto prime brokerage platform. The deal, however, hasn’t been closed yet and is subject to regulatory approvals.

The crypto industry is fast building the infrastructure for the institutional investors who are currently driving the bitcoin market.

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Author: AnTy

ASIC Bitcoin Miner Manufacturer, Ebang, to Launch Crypto Exchange Outside China

  • Ebang International Holdings to launch an offshore crypto exchange that can potentially double their income to $200 Million. This, alongside their new consultancy venture which, will supplement their dwindling revenue by 40% in 2020 will work to reduce their overreliance in the ever-volatile cryptocurrency.al

News has now surfaced that Bitcoin equipment manufacturer; Ebang International Holdings intend to unveil a crypto exchange to operate outside China’s jurisdiction. This is in an attempt to generate more revenue for the firm.

The BTC rig manufacturer could see a revenue increment of up to 40% by the end of this year emanating from their new consultancy business that involves managing datacenters for clients. Chief Financial Officer, Chen Lei in an interview with a media outlet remarked at the potential of doubling their earnings to $200 Million with the launch of the crypto exchange. This timeline could potentially be stretched to 2022.

Dwindling Fortunes

Notably, their 2019 revenue of $109 Million was significantly dwarfed by an excess of $300 Million they generated in 2018. Generally translating to net losses in both 2018 and 2019. This is due to their overreliance in the ever-volatile BTC which, has plummeted significantly well below $4000 before stabilizing. The BTC is currently trading at $9154.21 enjoying a market volume of $15911378811 as per this writing.

The Hangzhou-based ASIC rigs manufacturer filed a $100 Million IPO with SEC this year, April. Their share price after, however, shrunk by almost 4% after June 26th IPO to fall below the projected $4. Most of the funds from the IPO would go into the production of next-gen rigs and their overseas expansion campaign.

According to Mr. Chen, almost 10% of the total revenue generated would go to facilitate transaction fees as they seek to set up a regulatory compliant exchange outside China. This was partly due to ongoing purge on crypto activities in China as they march towards realizing their own CBDC, the digital Yuan.

However, it is yet to be seen how the escalating rows between Beijing and Washington will affect Ebang’s access to US capital markets.

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Author: Lujan Odera

Japan’s Financial Services Giant, Tokai Tokyo, to Launch A Tokenized Securities Exchange

Japanese financial giant, Tokai Tokyo Financial Holdings, announced its partnership with digital asset firm Hash Dash, to build its securities token exchange. The company also owns the Tokai Tokyo Securities Exchange and is invested 500 million yen (~$4.7 million) in Huobi, Japan.

Tokenization of assets is picking up steam as more traditional financial institutions enter the industry, Tokai Tokyo’s exchange becoming the latest to venture the field.

According to a statement to Nikkei, the exchange will tokenize securities, starting with Japan’s real estate industry, then trade these digital assets on iSTOX, its subsidiary digital security exchange in Singapore.

The $64 billion Tokyo based firm raised $5 million in a round also participated by Thai’s, Kiatnakin Phatra Financial Group (KKP) back in November 2019 to build iSTOX. The digital securities exchange aim is to assist Japan-based firms seamlessly to raise capital through the exchange.

Hash Dash will be the brains behind the exchange sharing their expertise on tokenized security exchanges. The company will leverage blockchain technologies to ensure the security of funds and the transfer of assets to reduce costs.

The securities exchange started its operations earlier this year, opening a gateway to Japan’s private capital markets. The statement further states the company is exploring digitizing IPs and corporate bonds.

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Author: Lujan Odera

Ripple And SBI Holdings to Launch ODL Service For RippleNet Using XRP in Asia in 2020

The joint venture of Ripple Asia and SBI Holdings, also known as SBI Ripple Asia, has announced its plans of launching On-demand Lqiuiduty (ODL) solutions using XRP in Asia this year.

Ripple has made a name for itself because of its cross-border remittance solutions, also known as RippleNet. The firm has seen many takers for its technology, which uses XRP for liquidity on the ledger to facilitate instant cross-border transactions at a minimal cost.

The ODL solutions have been quite a hit, and given Asia is emerging as one of the fastest-growing crypto hubs, the joint venture between Ripple and SBI holdings wants to push for its adoption further.

The announcement was made by the CEO SBI Ripple Asia, Adam Traidman, during an interview on June 18, where he talked about the popularity of Ripple in Asia and how expanding ODL services would be the right move as it offers much cheaper cross-border remittance services. He said;

“I expect that probably later this year, and into next year, things are going to move into wider spread production.

I expect remittance companies that were restricted in growth because they have pre-funding requirements, they have a lot of capital—they’re going to have a lot more flexibility.”

Traidman also believes that introduction of ODL would eliminate currency fluctuations and the pre-funding requirement for making cross-border transactions. He explained ODL services wouldn’t gain the same adoption and popularity in the United States as it is increasing in Asia and Japan.

The reason for this is the US offers low-cost cross-border remittance service, so the people over there don’t need a system like ODL, while in Japan, its not only costly to send money across the border, but it also takes around a whole day. Traidman said,

“ODL can be used to convert the Japanese yen to XRP in real-time in Japan, and a family in Vietnam can immediately exchange the XRP for Vietnamese dong.

In this way, the price movements of the Japanese yen and the Vietnamese dong are almost unaffected.”

Ripple’s On-Demand-Liquidity(ODL) has seen a massive jump in use and volume, which is evident from the fact that the bulk of transactions has tripled over the first quarter of 2020, while the US Dollar transactions have risen by 294%.

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Author: James W

Craig Wright Vs. Kleiman Court Case: Summons Issued For Former nChain CEO Jimmy Nguyen

  • The list of Craig Wright’s bitcoin holdings may be yet another example of his forgeries and misrepresentations
  • Meanwhile, “additional information is uncovered about the partnership’s bitcoin holdings”

In the Craig Wright vs Ira Kleiman court case, the Plaintiff’s legal team is trying to subpoena nChain CEO Jimmy Nguyen for a deposition but is unable to track him down.

As per the “Joint Discovery Status Report” published by the United States District Court Southern District of Florida on March 2nd, Plaintiff, Kleinman, brother of David Kleinman and the personal representative of his estate has “filed a motion challenging a number of defendant’s privilege designations.”

The plaintiff is seeking to file a motion for the issuance of a letter rogatory from the U.K based entity nChain. These documents allegedly indicate that nChain may have control over this litigation and/or may have obtained or acquired assets at issue in this case.

The court statement says the list of defendant’s bitcoin holdings “may be yet another example of the Defendant’s submissions of forgeries and misrepresentations to this Court.”

According to the plaintiff, the third party would be able to confirm these suspicions and as such attempting to serve former nChain CEO and US citizen Jimmy Nguyen but so far have been “unsuccessful” to locate him.

Plaintiff has scheduled the dispositions of Craig Wright on March 16 and 18, 2020, Ramona Watts on March 19, 2020, Andrew O’Hagan on March 17, 2020, Dustin Trammell on March 26, 2020, and Brandon Sullivan’s to be decided.

“Plaintiffs note that more depositions may be required as additional information is uncovered about the partnership’s bitcoin holdings.”

The court case has been in the discovery phase for more than 20 months now but has been impeded by a lack of cooperation and deception on Wright’s part. For now, the legal team of Wight and Kleinman has exhausted their 10 depositions during this discovery period.

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Author: AnTy

Northern Data To Host SBI Crypto Servers At Largest BTC Mining Facility In The US

Japanese financial services behemoth SBI Holdings’ subsidiaries is forming a partnership with Whinstone US Inc., the data centers operator of the Texas-based German tech company Northern Data AG.

The news was released on February 13. It says that Whinstone is going to host SBI Crypto at its Texas data center while assisting it to develop its blockchain-based projects. Carson Smith, the CEO of SBI said the company he’s working for has been making plans for Texas mining with Northern Data and Whinstone since the beginning of last year. It has also been announced that SBI crypto may make an investment in Northern Data equity.

SBI Is Serious About Mining

The announcement made today comes only to confirm previous news that are saying Whinstone and SBI were working together on an important mining operation. Reports have been mentioning that SBI signed with Whinstone an agreement to process crypto transactions at a newly opened mining facility. In November last year, Northern Bitcoin merged with Whinstone in order to build what’s supposed to be the largest mining farm in the world. The new site is reported to function at the 300 megawatts capacity and expected to reach 1 gigawatt until 2020 ends.

SBI Is Very Interested in Digital Currencies

SBI has proven to be very interested in digital currencies lately, seeing it implemented in its strategy the Ripple and blockchain consortium R3 technologies, all while trying to enable a financial operations global standard for trade finance and international payments. As an SBI financial report from September 30 last year says, the company’s crypto venture capital subsidiary, SBI VC Trade, saw in 2019 a major revenue growth, in spite of the general revenue of SBI decreasing, not to mention SBI Crypto made a considerable profit.

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Author: Oana Ularu

Japanese Financial Services Giant SBI Holdings To Give XRP As Shareholders Benefit

SBI Holdings, the crypto-friendly financial institution, is set to provide its shareholders with an option of receiving their benefits in form of XRP.

On Friday, SBI Holding announced that shareholders will have the option of receiving their benefits in XRP as well as any other product provided by its SBI Alapromo, a subsidiary of the company that deals with cosmetics and health food.

According to the new scheme, fresh shareholders who are not one year old in the firm’s registry will have the option of receiving XRP worth 2,000 yen (about $18). Additionally, shareholders who have held the company’s stock for more than one year can receive XRP worth 8,000 yen or $73.50.

Alapromo also provides alternatives to the shareholders where they can receive health supplements, cosmetics as well as brown rice powder. All the shareholders will have the advantage of a 50% discount on all the cosmetics and supplements produced by the subsidiary.

SBI also gave out conditions on those who would prefer to get their benefits as XRP. the shareholders must be Japanese residents and own an account with VC Trade, SBI owned crypto exchange. VC Trade was started in 2018 boasting as the maiden crypto exchange supported by a major global bank.

SBI Holdings has been a key supporter for the mainstream adoption of crypto as well as usage of blockchain to offer business solutions. Apart from the crypto exchange platform, SBI also has a crypto mining firm which is reportedly developing arguably the global’s largest Bitcoin mining farm in Texas.

SBI Holdings has also teamed up with Ripple to form a joint blockchain venture that is actively developing XRP. the two firms have also come up with Money Tap which allows people to easily transfer money. The project has seen endorsement from various Japanese banks.

SBI Holdings has previously offered its shareholders an option to receive their benefits in XRM. last year in August, MorningStar Japan, an SBI subsidiary, gave out its dividends using XRP.

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Author: Joseph Kibe

Japan’s Second Biggest Bank Joins SBI Holdings By Investing In Ripple-Powered MoneyTap

Japan’s second-biggest banking institution has teamed up with SBI Holdings to develop a financial service platform that will be based on blockchain, Japanese based Nikkei reports.

Sumitomo Mitsui Banking Corporation (SMBC) is set to deposit money in Japanese financial conglomerate in efforts to enhance the utilization of distributed ledger technology (DLT) within the trade finance field as well as personal bank remittances.

The partnership documents show that the Japanese financial giant agreed to invest in MoneyTap, the payments platform powered by blockchain technology. The partnership comes just weeks after Fukushima Bank, as well as various regional banks, integrated the app to their operations.

Ripple in collaboration with SBI Holdings developed MoneyTap. The app using DLT enables its users to send money with the help of their telephone numbers or using generated QR codes. While the app is powered by Ripple technology, it is yet to reveal whether users can use XRP, the network’s native token.

Sumitomo Mitsui Banking Corporation (SMBC) and SBI Holdings are members of a banking consortium which forms SBI Ripple Asia that was formed to advocate the use of Ripple’s technology within Asia. The consortium brings together 47 banks which boast of 80% control of the Japanese banking assets.

SMBC is also investing in Marco Polo’s R3 Corda that is also supported by the SBI Holding. This investment is set to enhance the adoption of Corda within Japan and beyond. Corda is a blockchain platform that allows companies and developers to develop applications on top of it. About 300 companies have used the platform for different purposes.

Ripple SBI Asia has witnessed rapid growth and development since it was formed. The firm together with Visa has invested in Currencycloud.

Ripple and SBI Holdings agreed to form a joint blockchain venture in January last year with an aim of revolutionizing the finance sector in Japan and the region.

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Author: Joseph Kibe