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SBI Holdings invests in cryptocurrency wallet provider CoolBitX

Japanese financial services group SBI Holdings has announced that it has made an investment in CoolBitX, a cryptocurrency hardware wallet provider.

According to the official release, SBI has acquired 40 percent stake in CoolBitX as a result of this investment.

Founded in 2014, Taiwan-based CoolBitX develops cryptocurrency hardware wallet, which protects keys by a separate physical device that avoids the risk of being stolen and allows customers to store bitcoins securely and conveniently. Its wallet is compatible with various smartphones, including Android and iPhones devices.

According to CoinDesk, CoolBitX raised $500,000 in funding last year, which it said it would use to develop its hardware.

SBI Holdings revealed its plans to create a cryptocurrency-based financial ecosystem last year. In October 2016, it announced a new company called SBI Virtual Currencies Co., Ltd., whose launch recently postponed in order to boost security measures.

“In order to meet the diverse needs of investors, the SBI Group has established a virtual currency ecosystem composed of virtual currency related business such as virtual currency exchange. In addition, in each business of the virtual currency ecosystem, we have been looking for sophistication of security by capturing advanced technologies of external companies in addition to thorough risk management within the company, taking the maintenance of customer assets as the top priority,” SBI Holdings said.

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