SBI could Seek JPY50bn ICO in 2018

SBI could Seek JPY50bn ICO in 2018

SBI Holdings(SBI), a listed Japanese financial service company, would aim at raising working capitals of about JPY 50bn(USD 470m) via ICO in this year via its subsidiary SBI Cryptocurrency Holdings(SBICH) , according to the media reports.

SBI’s expected ICO deal size could be larger than Filecoin(USD 257m) , and it would be nearly a half amount raised by Telegram (approx.USD 850m).          

A spokesperson at SBI said that the JPY 570bn market cap firm would consider ICO, however, further details have not yet been confirmed.    

The media reports added that SBICH would list on its owned exchange SBI Virtual Currencies, and, is going to  spend its proceeds for technological development and security ends in the cryptocurrency space.

SBICH would plan issuing tokens for its holders to receive various types of services, provided by its group companies. It would also consider issuing another tokens for holders to receive a portion of profits, based on the holding volumes, when its groups’ stakes were for sale.

Meanwhile, SBI recently announced that it acquired a 20% stake in the US-based ICO consulting company T1R (CoinTheory) further to expand SBI’s cryptocurrency business in Japan and Asia.  

by Genta Nakanishi