- SBI Holdings, a partner of Ripple and Japan’s banking giant, has announced plans to finance Japanese ventures in the Web3 and Artificial Intelligence (AI) fields.
- A representative from SBI Holdings emphasized the necessity of this funding as it would boost the entrepreneurial ecosystem and the Web3 and AI sectors, allowing Japan to compete with other countries in these industries.
- It was revealed that Sumitomo Mitsui Banking Corporation, Mizuho Bank, Japan Life Insurance, and Daiwa Securities Group decided to invest more than 500 billion yen in this fund.
Japan’s banking giant SBI Holdings announced that it will launch a fund to support Web3 and Artificial Intelligence (AI) initiatives.
SBI Holdings Supports the Japanese Crypto Ecosystem
SBI Holdings, a partner of Ripple and Japan’s banking giant, plans to finance Japanese ventures in the Web3 and Artificial Intelligence (AI) fields. This funding will be a game-changer that paves the way for the development of many entrepreneurial companies in Japan. Reports suggest that the giant funding company will create a fund to invest 100 billion Japanese Yen (JPY), equivalent to $663 million, in approximately 150 entrepreneurial firms.
The announcement of separate funding for the AI and Web3 sectors will be a revolutionary step for Japan. It will strengthen the country’s position in these sectors and encourage local companies.
It should be noted that startup investment and unicorn funding in Japan are lower compared to the United States and Europe. This move is considered an excellent opportunity to change the dynamics and make Japan a hub for entrepreneurship.
A representative from SBI Holdings emphasized the necessity of this funding as it would boost the entrepreneurial ecosystem and the Web3 and AI sectors, allowing Japan to compete with other countries. Additionally, major local and regional banks are expected to provide funding for several entrepreneurial companies.
Japan Aims to Raise Startup Investment to 10 Trillion Yen
Considering the significant potential of startups in Japan and the problem of low funding for development, SBI Holdings made the decision to manage this fund for Japan. Furthermore, it was announced that Sumitomo Mitsui Banking Corporation, Mizuho Bank, Japan Life Insurance, and Daiwa Securities Group have decided to invest more than 500 billion yen in this fund.
SBI Holdings confirmed that there is a venture capital (VC) fund worth 1 billion yen in Japan. Meanwhile, the announcement of venture funding will complement the XRP lending service announcement. SBI Holdings, a significant strategic partner of Ripple, announced the launch of the XRP lending service.
With the new lending services, businesses can borrow XRP held by the firm’s customers and charge a usage fee based on the borrowed amount and duration. After showing support to the cryptocurrency market with the XRP Lending Service, Japan’s SBI Holdings will start investing in ventures for the development of the AI and Web3 sectors.
