SBI Holdings Inc one of the largest financial group based in Tokyo Japan recently announced the launch of SBI Mining Chip Co Ltd (SBIMC). According to the press release, the new subsidiary company would be involved in the development of mining systems and production of mining chips.
SBI Holding has always been receptive towards digital assets and had earlier in 2018 launched the first bank owned cryptocurrency exchange in Japan. The financial firm aims to promote its extensive hold of crypto assets with this new innovation.
Stellar (XLM) Posses the Technological Platform For SBIMC
It is understood that SBI Holding is mulling the crypto platform which would suit their latest innovation ahead of the manufacturing of the mining chips. The cryptocurrency sphere is filled with many cryptos that promise ease in cross border payments and decentralized financial interoperability.
However, none of these platform suits SBI’s digital assets like Stellar (XLM). It is no secret that Stellar has been a consistent player in enabling faster payment solutions. Stellar has perfected its technology to suit financial organizations like SBI that specialize in cross border transactions.
SBI could utilize XLM platform in creating financial payment platforms which would enable cheaper transactions within its cryptocurrency exchange. Stellar’s network is also open source and relatively simple in its functions. SBI could use the network to build digital applications as it seeks to increase its digital assets share in Japan.
Stellar (XLM) Would Also Benefit From a Partnership with The Japanese Financial Giant
Stellar also stands to gain with a potential partnership as SBI has the technological expertise of creating mining chips that could be used to mine the cryptocurrency. In addition, in the event of adoption, the coin could take advantage of SBI’s reach in the Japanese financial sphere.
Japan is one of the few Asian countries that have embraced digital assets and Stellar Lumen would benefit greatly from a partnership as it looks to gain more users in the country. XLM had earlier made some gains in the country with the partnership with IBM.
Stellar (XLM) remains one of the popular coins in the Cryptospace
It remains to be seen if a partnership would happen as the new company SBIMC is still in its infancy but it would be beneficial to both parties. Stellar currently sits ninth on the list of the top cryptos based on marketcap and is among the popular coins within the crypto community.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.