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The Japanese financial giant and crypto heavyweight SBI Holdings<\/strong> has unveiled the nation\u2019s first crypto fund for individual retail investors \u2013 although they will need to have deep pockets if they want to take part.<\/p>\n As well as its extensive securities and banking operations, SBI operates or part-owns a number of crypto exchanges, as well as a crypto mining arm. It is also one of Ripple<\/strong><\/a>\u2019s closest affiliates. And after another bullish year for the company in crypto, SBI has come good on a promise to unleash a Japan-based crypto fund before the end of 2021, Nikkei reported<\/a>.<\/p>\n Investors will need to stump up around USD 44,100 to join the fund, which will be made up of seven tokens, including the Ripple-associated XRP<\/a> and bitcoin (BTC)<\/a>. The firm appears to have withheld the names of the remaining five tokens, but these are thought to be leading altcoins, while ethereum (ETH)<\/a> could also be among their number.<\/p>\n In a separate article on the same matter, Nikkei also reported<\/a> that the fund will seek to raise at least over USD 88m, with \u201cno upper limit.\u201d Investors\u2019 stakes will be locked into the fund for a year. Investors will also need to pay a 3.3% sales fee and a 0.66% annual management fee. The product will be distributed by the SBI subsidiary Morningstar<\/strong>.<\/p>\n The fund will seek to buy crypto at favorable prices over a three-month period, and will then seek to liquidize these holdings over the subsequent three months, also at favorable prices in order to \u201creduce risk.\u201d<\/p>\n The firm hinted that the fund had been designed to appeal to customers who prefer high-risk (and thus high-reward) investments. The media outlet noted that it would likely appeal to \u201cwealthy\u201d customers due to its prohibitively high entry requirements.<\/p>\n The company first announced plans to establish a crypto fund in June 2020, and the Morningstar CEO in September hinted that the company was working on a fund that featured BTC, XRP, and ETH, as well as litecoin (LTC)<\/a> and bitcoin cash (BCH)<\/a>.<\/p>\n At the time, the Morningstar chief also added that if this first fund proved successful with investors, the firm would consider launching a second offering. – Japanese Regulator Eyes Stablecoin, Wallet Provider Regulations in 2022<\/a>
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Learn more:<\/strong>\u00a0
– SBI Boss Says that China Is Leading the CBDC Race \u2013 Ahead of the USA and Europe<\/a>
– Japan\u2019s SBI to Merge Its Crypto Exchanges a Year After Rival Takeover<\/a><\/p>\n
– Japanese Crypto Sector Launches Consolidated Tax Reform Bid<\/a><\/p>\n<\/p><\/div>\n