SBI Group – the most major finserv company in Tokyo – has reportedly introduced a new ‘crypto asset fund’ aimed at enabling investors to buy cryptocurrencies. 

Specifically, the freshly rolled out fund is reportedly made up of seven cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), XRP, Bitcoin Cash (BCH), Chainlink (LINK) and Polkadot (DOT). 

The crypto-asset fund – now available for trading and run by the SBI Alternative Fund – was reportedly formed on Dec. 02 with a dedicated capital of 5 million yen – equivalent to around $45,000 at the time of writing. 

Nonetheless, the firm may have plans down the pipeline to roll out the capital in smaller break-ups of 1 million yen individually.

Per the official statement, it is reportedly mandatory for investors to undergo an application process that includes an anonymous alliance agreement with SBI Alternative Fund prior purchases.

“Since it is not suitable for all customers, it can only be purchased by customers who meet certain standards set by our company.” The firm reportedly issued an additional explanation that led to this initiative. 

Furthermore, the crypto investments conducted by associations with that type of anonymity will reportedly be taken care of by SBI VC Trade – a sister company that handles cryptocurrency-related trading.

SBI additionally emphasized that none of the seven cryptocurrencies in the crypto-asset fund will cross the 20% benchmark in ratio.

Assuring the longevity of the service, SBI has stated that the fund “cannot be canceled within one year,” between Feb. 1 2022 to Jan. 31, 2023. Unrealized capital gains taxes will also be applied to investors, apart from fulfilling different shared expenses, including establishment and liquidation costs and audit expenses.