SBI Holdings, a financial services company group based in Tokyo, Japan has finally revealed that their cryptocurrency ventures are marking profits. Yoshitaka Kitao CEO of the company has played down the potential of Bitcoin and other altcoins while singing the virtues of Ripple (XRP). 

According to the latest mid financial year figure released in a report, Kitao revealed that both SBI VC Trade- the cryptocurrency groups exchange arm and its SBI Crypto investment and mining division are making money for the company.

SBI admits that it has begun mining at two unnamed locations recently and will begin selling mining chipsets from 2020.

Kitao also revealed that SBI was keen on launching cryptocurrency fund products but would await rulings from regulators, who are currently debating the legality or other policies of allowing funds.

As per the Japan Times, The Outspoken CEO wants to set shore up his company’s banking empire with a possible USD 1 billion investment in 104 regional banks and had he believes in the future of a number of prominent cryptocurrencies.

He believes that Bitcoin mining costs would increase steadily with the token’s next mining reward halving expected to take place in May next year, and again questioned the future of Bitcoin Cash, referring to the recent security problems with this network.

Kitao CEO of SBI Holding was keen to praise Ripple stating that it was the most “practical and usable” token around. Ripple and SBI have a deep business partnership and Kitao is a member of the Ripple’s board. 

MoneyTap, SBI blockchain-powered money transfer platform has announced that it has signed a partnership deal with the Japanese mobile e-pay platform PayPay – and will make use of Ripple’s Distributed Ledger Technology

PayPay asserts to have 10 million active users and also says that around 1 million merchants in japan accept Paypay payments which allow the customers to pay in stores using QR codes. 

SBI also states that  PayPay will begin using MoneyTap’s xCurrent platform, which is powered by Ripple, to provide faster transactions than conventional options such as SWIFT.