The Japanese financial giant SBI more than doubled its total profit from the cryptocurrency business for the financial year that ended in March.
SBI released the company’s earnings report on Wednesday, which said that pre-tax profit supported by cryptocurrency was ¥ 18.9 billion ($ 174 million) for the last financial year. SBI reported that this amount is 10 billion yen ($ 92 million) more than the gross profit before tax recorded in the previous financial year.
SBI’s cryptocurrency division includes several companies, including the SBI VC Trade cryptocurrency trading platform, the SBI Crypto mining division, and recently acquired cryptocurrency trading platforms such as TaoTao and B2C2. SBI acquired 90% of B2C2, making it a subsidiary in December 2020, shortly after acquiring the TaoTao cryptocurrency exchange in October.
In the report, SBI notes that it continues to support XRP earnings through the XRP shareholder benefit program.
The company has also confirmed its commitment to establish a digital stock exchange in Singapore in cooperation with the Swiss SIX Digital Exchange. “We are committed to increasing the liquidity of digital assets and services for institutional investors through our partnership with SIX Group, which has extensive experience working with institutional investors,” the company said.
SBI also announced plans to establish a digital exchange in collaboration with Sumitomo Mitsui Financial Group. The platform, called the Osaka Digital Exchange, is expected to start trading digital securities in 2023.
SBI has previously highlighted the positive effect of cryptocurrencies on the business, since it reported that the growth in SBI Securities trading revenues in 2019 was driven by an investment package in cryptocurrencies.