SBI Holdings Claims 40% Stake in Hardware Wallet Company

SBI Holdings, the financial services arm of Japan's SBI Group, invested in cryptocurrency hardware wallet maker
07 March 2018   464

SBI Holdings, the financial services arm of Japan's SBI Group, announced that it has purchased a 40% stake in CoolBitX, a Taiwan-based manufacturer of "cold" wallets - hardware devices used to store private keys to cryptocurrency assets in an offline environment.

While the announcement did not disclose the exact amount of the investment, the news marks the latest move by the Japanese financial firm in expanding its investment in the blockchain ecosystem, including both hardware and software.

SBI says the business move is meant to meet the needs of the company’s investors while aiming to establish a robust “ecosystem” with virtual currency related businesses.

The Japanese finance firm says Coolbitx’s wallet has received positive attention due to the recent cryptocurrency exchange hacks. SBI believes that Coolwallet’s card feature and its connectivity with both iOS and Android operating systems will be something cryptocurrency proponents will utilize for a hardware wallet solution.

Crypto Exchange White Label Service launched by OKEx

OKEx, one of the biggest exchanges in the world, has declared the run of a crypto exchange creation programme ‘Digital Asset Exchange Open Partnership Program’
20 June 2018   74

The announcement claims that the programme is intended to “nurture a new generation of digital asset exchanges”. To establish a new crypto exchange, interested parties have to provide OKEx with a domain name, logo, and specialties of the management team. They are assured to possess “solid industry experience, quest for service excellence, and strong industry influence.”

Applicants should also deposit 500,000 OKB tokens into their accounts. This equals around $2.5 million at the present rate, according to coincodex.com. OKB is a utility token that were first sold in March of this year in packages of up to 100, each costing $100. They can be applied to settle transaction fees on the exchange and traded for Bitcoin, Ethereum and Tether.

The applicants will get access to OKEx’s fitting system (which links up buy and sell orders), cold and hot wallets (offline and online cryptocurrency storage), clearing system (which handles money transfer), client support system, and know-your-customer and anti-laundering systems. They will also get support from the OKEx technical team.

100 places are suggested by the programme in its first phase. It is anticipated to start in July. The announcement also points out the setup that the new exchanges must have. They will develop their own native tokens, and distribute them as follows:

  • 25 percent to themselves;
  • 24 percent to OKB holders;
  • and 51 percent to be mined.

OKEx explains the mechanisms by which the tokens will be mined/released. The term white label was firstly invented in the music industry - a white label vinyl record was a release so new that it had not yet been labelled, a much sought-after thing. Presently it cites to a service or product manufactured by one company and sold to another for re-sale under a different brand name.