SBI Group partners with U.S.-based semiconductor firm to manufacture crypto mining hardware

Japanese financial services giant SBI Holdings has announced the setting up of a new company that will focus on manufacturing cryptocurrency mining systems.

In a press release dated March 22, the company announced the establishment of SBI Mining Chip Co., Ltd. (SBIMC) which will “engage in manufacturing of mining chips and development of mining systems.” The move, SBI said, is a part of its strategy on digital asset related businesses.

SBI said that the development and manufacturing of crypto mining hardware will be conducted in collaboration with a large semiconductor enterprise in the U.S.

“The Group has practiced its cryptocurrency mining business at overseas and has now decided to expand its business scope to the manufacturing of mining chip itself and development of mining systems, through SBIMC,” the release said.

The new company will be led by Adam Traidman, an expert with a high level of expertise in the field of leading-edge semiconductors and a serial entrepreneur at Silicon Valley. He has previously served as the CEO of Chip Estimate, which was acquired by Cadence Design Systems in 2008; and WearSens, a wearable device developer specialized in dietary monitoring. He also serves as CEO of BRD, an investee company of the SBI Group.

Earlier this year, SBI Holdings signed a contract with enterprise blockchain software firm R3 to establish a joint venture company. More recently, the company officially launched its cryptocurrency exchange, VCTRADE.