It is believed that it was Japan where the world’s first cryptocurrency, Bitcoin, was founded, but the region has been a tad slower into adopting the crypto revolution. There haven’t been any interruptions or cataclysmic bans on the digital assets and the cryptocurrencies per se, but the overall adoption of blockchain technology remained grey. But not for long as the Japanese financial giant SBI Holdings is all set to launch the country’s first crypto-oriented fund with XRP. Although the fund will have other cryptocurrencies included, such as Bitcoin, Ethereum, Bitcoin Cash, and even Litecoin, the focus would be more deliberate on XRP, the reports say.
The fund is going to be a big deal, and therefore opening it up to the conventional audience the firm has sought it fit that it must target high-tier investors or people who thoroughly have an understanding of the volatility factor within the crypto market. Anyone with a million yen to spare, or about $9100 to be precise, is welcome to take part within the fund.
SBI Holdings is Willing to Take this Crypto Fund to New Heights
The goal here is to develop a type of fund that aims to help people diversify their crypto portfolio and see immense gains over time. Time is of the essence here as the fund is clearly not acquainted with those who are more of a ‘hit and run’ crowd or for those who want to have a quick bite of amazing returns almost overnight. This is the crypto industry we are talking about; overnight progress in one’s portfolio doesn’t work here.
SBI Holdings wants to be done with the fund by the end of November and will be considering the crafting of other funds in due time, depending on the performance of the first one. There are even the chances of developing a separate institutional fund for the institutional investors if the interest from the crowd gets serious over time. There are, however, a few regulatory hurdles that the firm needs to sort out with the authorities as Japan has listed a ban on the selling of digital assets through the use of crypto funds; other than that, it is all golden.