Japanese financial conglomerate SBI Holdings Inc. hopes to launch the country’s first cryptocurrency fund by the end of November.
The fund could include cryptocurrency staples such as Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin, and grow to several hundred million dollars. The fund aims for investors who understand risks associated with cryptocurrencies. Due to these risks, investors will likely have to put down a minimum of 1-3 million yen ($9,000-$27,000).
President of an SBI affiliate Tomoya Asakura particularly emphasized the diversification benefits of cryptocurrencies, rather than their speculative qualities. Asakura even acknowledged this “overwhelming perception that cryptocurrencies are highly volatile and speculative,” in regard to his mandate.