Japanese major venture capital firm SBI Holdings has recently invested in Tokyo-based crypto entrepreneur FXCoin to push forward a cryptocurrency exchange business in Japan.

The investment was made via a third-party allotment, as FXCoin noted in the release, which is of tremendous importance to the firm, as it aspires to make “sound development” in a financial technology context, as well as promoting nation-wide adoption of cryptocurrency in the near future.

Since its inception in 2017, FXCoin has been running its business under some of the well-known veterans in its respective market, including its founder and CEO Tomoo Onishi, formerly Deutsche Bank’s Head of Foreign Exchange Sales, alongside financial holding company Nomura, financial services giant Mitsubishi UFJ Financial and several other personnel from British multinational banking group HSBC.

Earlier this year, SBI Holdings entered into a joint venture with US distributed ledger technology (DLT) company R3 which will conduct business in Japan to promote the latter’s open source blockchain Corda platform, reported by The Crypto Sight on Feb 3.