At the Satoshi’s Vision Conference in Japan bitcoin.com’s Jake Smith interviewed Jerry Chan the lead executive for SBI Group’s fintech arm ‘SBI Bits.’ Chan explains what SBI Bits is involved in and how it had embraced blockchain technology and cryptocurrency solutions. The firm has recently launched a mining pool that’s processing bitcoin cash blocks alongside building a cryptocurrency exchange.
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SBI Bits Executive Jerry Chan Talks bitcoin Cash
Jerry Chan
SBI Group is one of the first Japanese financial institutions to start getting involved with bitcoin and cryptocurrency applications. The company executive Jerry Chan leads the firm’s fintech subsidiary that builds technological platforms and business tools for large-scale institutions. SBI Bits is excited about the development surrounding the bitcoin cash ecosystem, and Chan why to our host Jake Smith.
“SBI Bits is like a fintech internal vendor we do all of our technology internally within SBI Group. So our bread and butter business is exchange platforms, core location or anywhere where the profit center companies require technology. SBI is a larger financial group and has online stock trading and liquidity markets,” explains Chan.
SBI Group is the first financial services conglomerate in Japan that has gotten really big into bitcoin, blockchain, and associated technologies. As you may have heard GMO, DMM, which are more media technology rooted companies, are also getting into [them] in their own way.
An SBI Bits Backed Cryptocurrency Exchange Coming Soon
SBI Bit’s leader details that the company is also in the midst of constructing a cryptocurrency exchange. The exchange will be built by SBI but will likely be licensed to other SBI Group companies once completed.
“That is one of the projects [an SBI Bits backed cryptocurrency exchange] we are working on — SBI Bits is a technology platform developer. The companies that will actually operate the exchange once we build it may not be SBI Bits itself,” .
Lightning Network Not So Exciting
Chan also discusses protocols like the Lightning Network (LN) and Segregated Witness and lets viewers know whether or not these technologies excite him. While Chan finds LN interesting he doesn’t know who the technology will serve in the long run and doesn’t seem to find the protocol very exciting.
“Lightning is an interesting second layer technology but I wouldn’t say it is very exciting — Because From a business perspective I don’t see that it is addressing any use case that we can use or institutions can use — More than just say payment channels or some other form of a private blockchain pegged token,” .
So I really think Lightning is an interesting experiment and technology but I don’t know what the platform is trying to serve.
Following the discussion about the Lightning Network, Chan gives his opinion about color coin technology and says SBI Bits is very interested in a protocol that can create representative assets and smart contract solutions. Chan explains to Smith that if the technology was available now on the BCH chain, SBI Bits would already be developing things with the technology. If you want to hear the rest of the intriguing exchange between our film host Jake Smith and SBI Bits Jerry Chan then .
What do you think about the company SBI Bits and Jerry Chan’s commentary? Let us know what you think about this subject in the comments below.
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The cryptocurrency mining market in North America is facing a major consolidation as one of the biggest players is taking over another. The resulting combined company will be publicly traded and control over 21,000 rigs, consuming 28 MW of power and with an ability to grow to over 90 MW.
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Global Consolidator
Canadian cryptocurrency mining firm Cryptoglobal (TSXV: CPTO) and the owners of the largest US-based mining farm Hyperblock have announced that they have reached an agreement that the latter will acquire the former. Under the terms of the deal, Hyperblock will acquire all of the issued and outstanding common shares of Cryptoglobal for consideration of $0.74 each, representing a total equity value of approximately $106 million.
“Combining HyperBlock’s large-scale Mining-as-a-Service model with Cryptoglobal’s existing mining, custodial storage and crypto trading businesses, creates a strong foundation for both organic growth and growth through acquisition. We are poised to become a global leader and consolidator in Cryptocurrency mining and asset management,” stated Hyperblock CEO Sean Walsh.
The acquisition is planned to be completed by the end of May 2018, subject to the satisfaction of customary conditions including approval by the shareholders of both companies, the Ontario Superior Court of Justice and the TSXV. The combined entity will operate under the name Hyperblock Technologies Corp., and list on the Canadian Securities Exchange.
Combined Power
According to the announcement, the combined company will have a lineup of over 21,000 miners using 28 MW of power across multiple locations in North America. Hyperblock currently operates a 20 MW mining facility in the North West US, which has expansion capacity to 80 MW. Its existing facility is powered by hydro-electric energy that offers a very low electricity consumption rate at just under $0.04 per KW/h. Cryptoblobal currently operates across multiple facilities in Canada, totaling 8 MW of power.
The combined company also intends to generate cost and revenue synergies by leveraging Hyperblock’s relationship with bitcoin.com (mining pool) to drive hashrate rental from Cryptoglobal’s mining operations, and by further increasing its consumer footprint through offering additional services by the company, including trading and custodial services.
Is consolidation of mining power a good thing for the cryptocurrency ecosystem? Tell us what you think in the comments section below.
Images courtesy of Shutterstock, Hyperblock.
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