Japanese game developer launches Bitcoin, altcoin fund with SBI

The Bitcoin and altcoin fund builds on Gumi’s growing crypto business centered around XRP, with the company nearly doubling its crypto holdings over the past year.Japanese game developer Gumi said it will begin operating a 3 billion yen (about $18.3 million) crypto asset fund on Saturday with SBI Financial Services and backing from Daiwa Securities Group and other investors.The fund is operated by SBI Crypto Fund, a joint venture owned 51% by SBI Financial Services and 49% by Gumi subsidiary gC Labs.According to Gumi’s Tuesday announcement, the fund will invest primarily in Bitcoin and major altcoins, using staking, portfolio rebalancing and hedging strategies. The company said the fund’s mission is to bridge Japan’s corporate sector and the crypto market while building an operational track record ahead of a possible future lifting of Japan’s ban on crypto exchange-traded funds.The launch builds on Gumi’s expanding crypto business, which includes managing its own crypto holdings centered on XRP, portfolio management services through Hinode Technologies and crypto investment funds.The company’s latest annual report shows crypto has become a significant part of its balance sheet. As ...