Gumi Partners with SBI to Launch $18.3M Crypto Asset Fund

Japanese game developer Gumi has joined forces with SBI Financial Services to launch a crypto asset fund. The 3 billion yen ($18.3 million) fund will be operated by SBI Crypto Fund, a joint venture owned 51% by SBI and 49% by Gumi subsidiary gC Labs.

The fund's mission is to bridge Japan's corporate sector with the crypto market while building an operational track record ahead of a possible future lifting of Japan's ban on crypto exchange-traded funds.

Gumi has been expanding its crypto business, which includes managing its own crypto holdings centered on XRP and portfolio management services through Hinode Technologies. The company's latest annual report shows that crypto assets have become a significant part of its balance sheet, with 14.13 billion yen in crypto assets as of April 30.