The media reports have come out stating that the SBI Holding is planning on another significant move in the cryptocurrency market. The word that one unit of SBI is dedicatedly working on bringing the new cryptocurrency derivatives trading market has dazzled many crypto-enthusiasts. This move seems to be a great move towards the enhancement in the field of cryptocurrency in the terms of liquidity and diverse trading options for the crypto-maniacs.
The Move Towards Cryptocurrency Industry enhancement by SBI
According to what media is saying, the SBI Crypto investment recently purchased 12 percent stake in Clear Markets. For those who are not aware of what Clear Market is, Well! It is an electronic trading company based in Charlotte, North Carolina in the US, that is dedicated to cryptocurrency trading. Although there has been no official statement from the company regarding this deal, still the word is out that the deal cost SBI $9 million.
The motive behind this deal is unknown on official levels, however, it has been assumed that through this deal SBI Crypto is hoping in the creation of derivatives trading platform. This new platform will be designed to attract the institutional investors.
Fluctuation in Bitcoin Price led SBI to this Vibrant idea of “Crypto-derivatives platform”
Since the evolution of cryptocurrency, it has been clear that the field has been appreciated and adopted worldwide with open arms. The volatility of these assets, however, remains the only constraint in this industry, when it comes to its adoption. It was just 2 months back when the Bitcoin jumped down and up 30 percent in the market. This fluctuation in the price of Bitcoin makes this idea of forming a cryptocurrency based derivatives market seem good at this instant.
Unlike the belief of many, SBI is sure that they could manage to build a fine platform with Clear Markets to allow family offices, hedge funds as well as the big-time investors to trade in these virtual assets easily and more conveniently without much risk.
Not only this, but SBI is also working on improving the energy efficiency of Bitcoin Cash Mining operations with the help of Lancium Technologies, that is known to provide renewable energy to these miners.
This news came out at the best time possible as the significant fluctuation in the price of Bitcoin was evidenced in the last two months. SBI is definitely becoming quite excited about this new crypto-industry and has been active since its evolution.