SBI doubled crypto business profits in past fiscal year

SBI doubled crypto business profits in past fiscal year

Japanese financial giant SBI Group more than doubled the total profit of its cryptocurrency business during the fiscal year that ended in March.

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

SBI’s crypto division features several companies, including crypto trading platform SBI VC Trade, mining arm SBI Crypto, and 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  the TaoTao crypto exchange in October.

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In the report, SBI notes 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 Switzerland-based SIX Digital

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