FXCoin, a Japanese cryptocurrency startup has completed a third-party allotment of shares with SBI Holdings, a Tokyo-based financial services firm, according to a report by Cointelegraph Japan this Monday.
The allotment of shares will help support FXCoin in its efforts to launch a cryptocurrency exchange in Japan. It is not clear how many shares SBI Holdings purchased and for what value, nor when exactly the company is planning to launch the exchange.
Currently, the company provides market information for investors. It was founded in December of 2017 by the former head of foreign exchange (forex) sales as Deutsche Bank Tomoo Onishi.
FXCoin Secures Second-Tier Membership with JVCEA
Earlier this year, FXCoin secured second-tier membership within the Japan Virtual Currency Exchange Association (JVCEA), a self-regulatory crypto exchange association. The membership tier of the JVCEA is designed for businesses which are seeking to apply for a crypto exchange license, which is issued from Japan’s Financial Services Association.
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SBI Continues to Increase Crypto Footprint
In recent months, SBI has been increasing its presence in the cryptocurrency space. As Finance Magnates reported last month, the Group entered into the cryptocurrency mining industry after its involvement in an array of other crypto-related businesses.
On March 22 this year, the firm announced the formation of SBI Mining Chip Co., Ltd. under which the company will manufacture crypto mining hardware. However, the company did not detail if it is going to make Bitcoin-specific mining devices or will manufacture mining systems for other digital currencies as well.
At the beginning of the year, SBI Holdings also revealed that it had joined forces with R3, to support the provision and introduction of the Corda license, through a joint venture.
The name of the new venture is SBI R3 Japan Co., Ltd., with SBI Holdings having an investment ratio of 60 per cent in the company and R3 contributing 40 per cent. The company has a capital of ¥500 million (around $4.5 million).