After announcing in late 2017 that it will create a division dedicated to financing and supporting cryptocurrency research and development in a strategic partnership with nChain, SBI Crypto, SBI Group’s division focused on the emerging technology, has mined its first Bitcoin Cash block. The mined block was processed with Bitcoin.com’s mining pool at block height 516918.
SBI Group (Strategic Business Innovator Group) is one of the major players in the financial services sector in Japan. Yoshitaka Kitao, representative director, president & CEO of SBI Holdings, Inc. previously said: “The vision of the original Bitcoin white paper written by Satoshi Nakamoto calls for a peer-to-peer electronic cash system. That is a powerful vision, and SBI Group will devote resources to enable a future world where Bitcoin Cash is used globally for daily payments.”
SBI Crypto was established on August 2017 to anticipate and prepare for Bitcoin Cash mining overseas. SBI Crypto operates under SBI BITS Co., Ltd., a financial technology provider which in turn is a subsidiary of SBI Holdings, Inc. nChain Global and SBI Group’s combined expertise in the financial and technological sector emerges in support of the growing Bitcoin Cash community, growing and linking its ecosystem through on-chain scaling, enabling faster-than-lightning transactions with low fees over reliable confirmation times.
SBI Group’s cryptocurrency ecosystem is currently undergoing development and will feature an exchange platform, hedge fund management, financing and mining, a rating and information service for ICOs and other platforms, payments and remittance services to and from Japan, as well as a derivatives market spread in its portfolio.
The historic milestone arrives in relation to SBI Group’s recent launch of a $450 million AI and blockchain venture capital fund. With established organizations such as SBI Group and nChain working alongside independent developers and community volunteers, the Bitcoin Cash ecosystem is experiencing a major upheaval in terms of utility and adoption, empowering, connecting, and enabling more people worldwide.