Wednesday, August 21, 2019

Japanese Based SBI Group Invests In Hard Wallet Developer

According to a PR statement released yesterday, the Japanese based gigantic bank firm SBI Group has bought an important part of CoolBitX Ltd., a Taiwanese based hard wallet developer, known best for its Coolwallet product.

SBI group has been one of the first traditional groups to foray into the crypto-related business with mining operations, and has even registered to launch its official exchange; but it has been delayed several times due to security concerns, and with the backslash given to the market by the recent hack of Coincheck (another Japanese exchange), they must be checking every option to make their customers (and investors) feel safer. The Japanese based exchange lost more than 500 million dollars, and has since then raised concerns for the cybersecurity aspect of trading.

The statement reports that they bought 40% of the Taiwanese company to enhance security in their existing crypto-related investments. It is expected for SBI to also leverage CoolBitX technology to finally address these security concerns, and launch its own cryptocurrency exchange service. And they could also probably offer these security services to other third parties.

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