SBI Holdings, Japan’s financial heavyweight, has introduced an independent arm that will start developing virtual currency mining chips. The spin-off has been dubbed SBI Mining Chip Co., Limited (SBIMC).
In an announcement, SBI noted that it is keen on making an impact on the virtual currency mining space. This space is already dominated by Bitmain, which also owns active virtual currency mining farms.
The financial giant continued to note that manufacturing virtual currency mining chips is part of its involvement in the cryptocurrency sector since it already has an active crypto exchange and other blockchain-affiliated ventures.
The group has practiced its cryptocurrency mining business at overseas and had now decided to expand its business scope to the manufacturing of mining chip itself and development of mining systems…. The SBI group will promote efficient, reliable, and sustainable mining operations to develop a sound and solid cryptocurrency market.
The manufacture of the cryptocurrency mining chips will be led by Adam Traidman who has extensive experience in electronics and cutting-edge semiconductors. Traidman has also served at the National Aeronautics and Space Administration (NASA). Other positions held by Adam include CEO of Chip Estimate which was later acquired by Cadence Design Systems and CEO of WearSens, a company that focuses on developing wearable dietary monitoring devices.
Until his appointment to head the virtual currency mining chips subsidiary, Traidman was the CEO of BRD, a company where SBI Holdings has a stake.
At the beginning of this year, SBI invested in Tangem, a Switzerland-based startup developing hardware cryptocurrency wallets. SBI Crypto, another subsidiary of SBI Holdings, has in past been involved with BCH mining through a virtual currency mining pool.
Do you think SBI’s virtual currency mining chips manufacturing department will be able to control a noticeable market share since the space is already dominated by Bitmain?
Let us know your thoughts in the comments section below.