Japanese financial giant SBI said it will launch Japan’s first cryptocurrency fund before the end of November this year to provide Japanese investors with a more diversified portfolio.

According to a reportBloombergReleased last Thursday, the fund will provide cryptocurrencies such as Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin.

The fund may grow to hundreds of millions of dollars in the future, said Tomoya Asakura, director of the SBI and executive director of senior management, saying that investors may invest approximately 1 million to 3 million yen, or approximately $9,093-27279.

The head of SBI Group’s “Morningstar” company revealed in an interview that the group will decide on the process of developing a second crypto fund based on the promotion of the first cryptocurrency.

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If all goes well, SBI will act quickly to form a second cryptocurrency fund.

He stated about it:

I want people to keep it together with other cryptocurrencies and have a first-hand experience, to see how beneficial it can be for portfolio diversification.

Due to strict regulations against scams and national policies, it took SBI Group almost 4 years to launch this cryptocurrency fund.

The process of changing the original investment method to sell cryptocurrency through mutual funds was prohibited by the Financial Services Bureau of the regulatory agency.

Therefore, the SBI group decided to adopt a method called “anonymous partnership”.

Asakura has stated that he will work hard to add cryptocurrencies after obtaining approval from the Japan Public Financial Services Authority (FSA), the regulator, in order to have a more flexible and balanced investment portfolio that contrasts with traditional investment portfolios, thus changing the prevailing belief that cryptocurrencies are highly volatile and speculative. .

Asakura added:

Once people feel this firsthand, they will understand that we do not recommend cryptocurrencies as a speculative tool.

Japan is currently one of the largest markets for cryptocurrency transactions in the world.

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It is worth noting that recently, US-based cryptocurrency exchange Coinbase has partnered with MUFG Group, the largest bank in Japan, to expand cryptocurrency trading in Japan.

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