14 Oct, 2020

Japan Financial SBI Group Sets Up Spin-Off to Manufacture Crypto Mining Chips

Japanese financial giant SBI Group has set up a subsidiary that will manufacture mining cryptocurrency chips, the company confirmed in a statement on March 22.

SBI, which has launched spin-offs covering various aspects of the encryption industry, says it wants to expand its mining influence with the creation of SBI Mining Chip Co. Ltd. (SBIMC).

The company will be among the top manufacturers of industries, including Bitmain, which released its latest product this week.

“The SBI Group strongly promotes [sic] across a wide range of digital asset-based businesses, including cryptocurrency exchanges and other related businesses,” the announcement continued, noting:

“The Group has been active in the cryptocurrency mining industry […] overseas and has now decided to expand its range of activities in the construction of metal chips and the development of metal systems through the SBIMC.”

The latest project in the meantime we will see guidance from Adam Traidman, an experienced Silicon Valley businessman in the field of semiconductors and related electronics.

“The SBI Group will promote effective, reliable and sustainable mining companies to develop a sound and stable cryptographic market,” the announcement promised.

To date, SBI has only extracted Crypto Bitcoin Cash (BCH) through its subsidiary, initiating and terminating the practice last year following concerns.

In September 2018, Bitman co-founder and SBI mining chief Jihan Wu claimed that the company sought to overthrow its business for the benefit of Craig Wright, the notorious businessman who became a central figure in Bitcoin’s two hard forks. later.