Mention Ripple IPO
At the financial results briefing of SBI Holdings Co., Ltd. (SBI) for the fiscal year ended March 2021 held on the 28th, he mentioned the IPO (initial public offering) of Ripple Labs and R3 Limited.
President Kitao mentioned Ripple while talking about the policy of “investing in venture companies with innovative technology.” The company’s management said it would aim for an initial public offering (IPO) once the proceedings with the US SEC were closed. The company’s IPO has often been suggested.
“SBI holds more than 10% of Ripple’s shares, and R3, which is the largest external shareholder, is also considering going public,” said Kitao. Insisted on the high potential value. R3 is a company that develops the DLT (Distributed Ledger Technology) platform Corda.
Garlinghouse CEO and co-founder Chris Larsen of Ripple Labs was sued by the US Securities and Exchange Commission (SEC) last December for selling crypto assets (cryptocurrency) XRP as unregistered securities, and has since been sued. Ripple continues at the trial.
Relation:Progress of Ripple Labs trial filed by US SEC and future schedule
At the financial results briefing, we also used “Money Tap”, a remittance application for smartphones equipped with XRP’s distributed ledger technology, provided by Money Tap, which is under the umbrella of SBI. It also revealed a policy to realize “there is high security” remittance.
Currently, six banks are connected, and it is expected that 20 banks, mainly regional financial institutions, will be connected by the end of the year, including three banks that have been unofficially decided.
Performance of virtual currency related business
SBI owns cryptocurrency-related companies such as SBI VC Trade, TAOTAO, B2C2 and SBI Crypto.
Total pre-tax profit for the fiscal year ending March 2021 is 10.6 billion yen for the virtual currency trading business included in the financial services business segment (SBI VC Trade, TAOTAO, B2C2, etc.), and virtual included in other business segments (SBI Crypto, etc.) The currency-related business is 8.35 billion yen. In total, sales increased by more than 10 billion yen from the previous year to about 19 billion yen.
According to the company, the steady expansion of the cryptocurrency trading business conducted by SBI VC Trade has created synergies for the entire SBI Group, resulting in a significant increase in trading profits.