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Japanese financial conglomerate SBI Holdings has announced the launch of the country’s first cryptocurrency fund. 50% of its assets will be in the XRP coin of fintech company Ripple.
The second half of the fund will comprise Bitcoin (30%) and Ethereum (ETH) – 20%.
The company emphasized that crypto assets have a low correlation with traditional assets, such as stocks or bonds, and the fund will help individual investors to effectively diversify their investments.
The cryptocurrency exchange SBI VC Trade, which has been part of the holding since 2018, will act as a custodian of digital assets. The launch of the crypto fund is expected during this summer.
Earlier, President and CEO of SBI Holdings, Yititaka Kitao, said that XRP is likely to become the number 1 crypto asset, and the company will do its utmost to facilitate the massive adoption and use of the coin.
SBI Holdings and Ripple created a joint venture in 2016. In May, China called on the fintech company to actively seek partners among multinational corporations.
Recall that this year the Japanese conglomerate paid compensation to its shareholders in XRP.
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