Financial giant SBI Group has opened a subsidiary to produce crypto mining chips, according to a press release on March 22.

The new subsidiary, SBI Mining Chip Co., Ltd. (SBIMC), will carry out the mining systems expansion and the manufacturing of crypto miners. SBIMC will be managed by Adam Traidman, a former NASA agent, who is an expertise in semiconductors and other electronics field.

SBI Group said that SBIMC Department was created with the vital mission to promote “efficient, reliable and sustainable mining operations to develop a sound and solid cryptocurrency market.”

“The SBI Group strongly promote on a wide range of businesses based on the digital asset, including cryptocurrency exchange business and other blockchain-related businesses,” the report noted. “The Group has practiced its cryptocurrency mining business overseas and has now decided to expand its business scope to the manufacturing of mining chip itself and development of mining systems, through SBIMC.”

Significantly, SBIMC has partnered with an unnamed US-based “large semiconductor enterprise” to launch the devices and enlarge crypto-related businesses.

Back in February, the group formed a partnership blockchain consortium startup R3 which will conduct business in Japan to promote R3’s Corda blockchain platform in Japan, as The Crypto Sight reported.