SBI Holdings, a Japanese financial services mogul, has launched a new subsidiary for production of cryptocurrency mining chips and systems.
According to an announcement on March 22, the new venture, dubbed SBI Mining Chip Co. (SBIMC), is a part of SBI’s strategy on cryptocurrency-related businesses.
SBI said that SBIMC will be taking in charge of manufacturing and development of cryptocurrency miners in collaboration with an undisclosed “large” semiconductor enterprise in the U.S.
Adam Traidman, a former NASA veteran, will lead the new venture. Traidman has a “high level of expertise in the field of leading-edge semiconductors and other electronics.”
Traidman has more than 20 years total experience and has functioned as CEO of Chip Estimate (bought by Cadence Design Systems, Inc. in 2008) and WearSens (wearable device developer dedicated in dietary monitoring) in the past. At present, he also functions as CEO of BRD, in which SBI Group has supported.
SBI Group initiated a mining pool for bitcoin cash (BCH) last year through its subsidiary SBI Crypto, but it already halted mining the cryptocurrency.
The group first announced its interest in digital currencies in 2017. The company said at the time that it is looking to purchase cryptocurrencies directly, as well as providing investment opportunities and establishing ways of utilizing the cryptocurrencies.
The company has invested in some areas within the industry over the years, including launching regulated cryptocurrency exchange VCTRADE in June 2018 and introducing MoneyTap, a blockchain-based money transfer app, in collaboration with Ripple back in October.
The group invested $15 million earlier this year in Tangem, a Swiss manufacturer of a slimline hardware wallet for cryptocurrencies. It also recently entered a partnership with R3, a blockchain consortium startup, to advance R3’s Corda platform adoption in Japan and beyond.