SBI Holdings, a group of company that launched XRP-centric VCTrade, has indicated it is using Ripple’s XRP with a cryptocurrency fund business in partnership with a U.S.-based asset management company, CoVenture Holding.
Contained in a paper tagged “Sustaining an Increase in Corporate Value,” delivered at the Daiwa Invest Conference in Tokyo by the President and CEO SBI Holdings, Yoshitaka Kitao, the crypto fund business will promptly start once the new legislation is enacted.
While it is unclear what Kitao means by “new legislation”, the crypto fund management branded as SBI-CoVenture Asset Management, is meant to increase the adoption of XRP. However, the creation is financed by SBI and Covent in the ration 60 to 40.
CoVenture Crypto is not new in this kind of fund management initiative. The firm has a multi-faceted cryptocurrency asset management platform that offers institutional solutions for cryptocurrency exposure. It makes use of deep trading and venture capital experience for both actively managed strategies and systematic indices, including the CoVenture Crypto Index (CCI).
Proceeds from the fund managed by SBI CoVenture Asset Management are to be invested in Ripple’s XRP, and some other digital asset aside anonymous currencies.
SBI Dedicated To Improving XRP Adoption
SBI is a principal firm dedicated to increasing the adoption of XRP. Right from the creation of SBI-Ripple Japan, to the launch of MoneyTap, SBI has been supporting Ripple’s XRP unflinchingly.
When SBI R3 Asia was launched, Kitao says SBI is dedicated to pulling full-scale efforts that will increase financial services using Ripple’s XRP and R3’s Corda.
Kitao, as a show of dedication towards heightening the adoption of Ripple’s XRP, settled the age-long rift between Ripple and R3, and launched XRP-centered SBI-R3 Japan afterward, a consortium that resulted in the release of Corda’s XRP Settler that depends on XRP Ledger.