SBI doubled profits from the crypto business in the past fiscal year

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

On Wednesday, SBI released a report on the company’s financial results announcing that its pre-tax crypto-powered profit for the past fiscal year was 18.9 billion yen ($ 174 million). The amount is 10 billion yen ($ 92 million) higher than total profit before tax recorded for the past fiscal year, SBI said.

Several companies are represented in SBI’s crypto division, including the crypto trading platform SBI VC Trade, the mining arm SBI Crypto, and newly acquired crypto trading platforms such as TaoTao and B2C2. SBI acquired a 90% stake in B2C2 and became a subsidiary in December 2020, shortly after the TaoTao crypto exchange was acquired in October.

In the report, SBI notes that XRP dividends will continue to be supported as part of the company’s XRP shareholder benefits program.

The company also reiterated its commitment to building a Singapore-based digital assets exchange in partnership with Switzerland-based SIX Digital Exchange. “We want to further expand the liquidity of digital assets and services for institutional investors by working with the SIX Group, which has a high level of expertise in dealing with institutional investors,” the company explained.

SBI also mentioned its plans to create a digital exchange in partnership with Sumitomo Mitsui Financial Group. Named Osaka Digital Exchange, the platform is expected to begin trading digital stocks in 2023.

SBI previously highlighted the positive impact crypto has had on its business, reporting that SBI Securities saw the surge in trading volume in 2019 thanks to its crypto investment wing.