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Japanese Wallet Firm Buys Mongolian Mine, SBI Exchange Launched?

Exchange Japan

Mining SBI Group

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 26, 2023

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Two Japanese companies announced its crypto business expansion news. Cryptocurrency wallet provider Ginco will move into the cryptocurrency mining industry, and has established a base in Mongolia. Meanwhile, financial giant SBI Group has finally showed its long-awaited cryptocurrency exchange platform.

Per Nihon Keizai Shimbun, the Tokyo-based Ginco has acquired a Mongolian firm based in the capital Ulaanbaatar, investing capital worth some USD 100,000. The company, which is described as a 100%-owned Ginco subsidiary, will sell dedicated mining hardware to investors, who will then be able to commission mining efforts of their own at the center.

The media outlet notes that Mongolia’s low electricity prices mean that costs are 50% lower at the center than operating mining hardware in Japan.

Earlier this year, Ginco announced it had raised some USD 1.4 million in investment in the form of venture capital – and appears set to re-invest this in its new mining projects.

Meanwhile, Nikkei also reports SBI Group opened its cryptocurrency exchange platform, SBI Virtual Currencies, as of June 4. The exchange’s website shows that the only currency on offer at the moment is Ripple (XRP) – although SBI has previously stated that it will offer trading in other cryptocurrencies such as Bitcoin, Bitcoin Cash and Ethereum. SBI also says that its fees for sales are the lowest in the Japanese market.

At the time of writing, however, the SBI Virtual Currencies website appears not to be operational, and features an official announcement asking would-be customers for their patience as the company “completes preparations.”