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.
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