SBI doubled crypto business profits in past fiscal year
SBI’s total pre-tax profit from its crypto business surged above $174 million in the 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....
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The crypto venture is expected to formalize its operation by the end of 2021 and start offering its services by early 2022. SBI Digital Asset Holdings, a fully owned subsidiary of Japanese banking giant SBI Holdings, announced a joint crypto venture with Switzerland’s SIX digital exchange (SDX). The joint venture would be set up in Singapore through a crypto issuance company and aims to become a regional liquidity hub for institutions. SBI Holdings CEO Yoshitaka Kitao said:“This is an important step in building the necessary global infrastructure for widespread institutional adoption of....
Incubators provide a foundation for many crypto companies and have a responsibility to ensure they’re taking steps to survive in a bear market. Contrary to popular belief, a bear market provides ideal conditions for startup founders and developers to work on technological innovations. The absence of market frenzy and speculative investing helps startups to focus on the fundamentals, which are beneficial in the long run. However, bear markets dry up capital sources, and liquidity becomes the proverbial mirage of an oasis in the desert sand. Thus, startups turn toward incubators who become....
Alongside other actions, the CFTC was pleased with its seven enforcement actions in the crypto market. The Commodity Futures Trading Commission, or CFTC, is having a banner year in crypto enforcement.Per the commission's annual review released on Tuesday, fiscal year 2020 featured seven monetary relief actions against firms engaged in illegal activity in crypto, which is a new record.The review said: "In conjunction with the Division’s Digital Asset Task Force, the Commission brought a record setting seven cases involving digital assets." These included charges against PanForex for....
Venture capitalist Tim Draper has doubled down on his bitcoin price prediction of $250,000 by the end of this year or early next year. However, he explained why he expects the price of the cryptocurrency to soar past his estimate.
Tim Draper’s Bitcoin Price Prediction
Venture capitalist Tim Draper has doubled down on his $250K bitcoin price prediction. In a recent interview with Scott Melker, aka the Wolf of All Streets, Draper was asked if he still believes the price of bitcoin would reach $250K this year. He replied:
Yeah, by the end of this year or early next....
Bitcoin has continued to explode higher over the past 24 hours. The coin now trades for $12,750, around 7% higher than it was just 24 hours ago. This latest leg higher in the Bitcoin price can be pinned to two fundamental news events: PayPal adding crypto and more fiscal stimulus coming. Bitcoin Rallies Higher as Stimulus Talks Continue Bitcoin has continued to explode higher over the past 24 hours. The coin currently trades for $12,750, […]