Japanese financial giant SBI Holdings says it plans to create a new crypto asset fund that features a 50% allocation to Ripple’s native token XRP.
In a new briefing, the financial giant says the crypto asset fund is expected to launch in the coming months. According to SBI, the fund is designed to allow its clients to gain exposure to the unique and emerging asset class.
“Providing individual investors with a crypto asset fund that embodies the resources of the SBI Group.
Crypto assets, which have a low correlation to traditional assets such as stocks, bonds, etc., enhance the effectiveness of diversification.”
The other half of the fund will feature a 30% Bitcoin (BTC) allocation and a 20% Ethereum (ETH) allocation.
SBI Alternative Investments will be in charge of creating and handling the fund in partnership with an anonymous entity. SBI Securities and SBI Moneyplaza will be responsible for the sales of the fund’s shares to individual investors.
SBI’s crypto trading operation, SBI VC Trade, will be maintain custody of the crypto assets. SBI is a longtime Ripple partner and invested in the San Francisco startup back in 2016.