Why Stellar (XLM) is the right platform for SBI Newly Established Mining Chip (SBIMC)

SBI Holdings Inc, one of the largest financial groups based in Tokyo, Japan, recently announced the launch of SBI Mining Chip Co Ltd (SBIMC). According to the press release, the new subsidiary will be involved in the development of mining systems and the production of mining chips.

SBI Holding has always been open to digital assets and had already started the bank’s first own cryptocurrency exchange in Japan in 2018. With this new innovation, the financial company wants to promote its extensive inventory of crypto assets.

Stellar (XLM) owns the technological platform for SBIMC

It goes without saying that SBI Holding is considering the crypto platform that would match their latest innovation before making the mining chips. The cryptocurrency sphere is filled with many cryptos that promise relief for cross-border payments and decentralized financial interoperability.

However, none of these platforms match SBI’s digital assets like Stellar (XLM). It’s no secret that Stellar has been a consistent player in enabling faster payment solutions. Stellar has perfected its technology for financial organizations like SBI who specialize in cross-border transactions.

SBI could use the XLM platform to create financial payment platforms that would enable cheaper transactions within its cryptocurrency exchanges. Stellar’s network is also open source and relatively simple in its functions. SBI could use the network to build digital applications to increase its share of digital assets in Japan.

Stellar (XLM) would also benefit from partnering with the Japanese financial giant

Stellar will also benefit from a potential partnership as SBI has the technological know-how to create mining chips that can be used to mine the cryptocurrency. Additionally, if adopted, the coin could leverage SBI’s reach in the Japanese financial arena.

Japan is one of the few Asian countries that have chosen digital assets and Stellar Lumen would benefit greatly from a partnership as it aims to attract more users in the country. XLM had previously made some profits in the country by partnering with IBM.

Stellar (XLM) remains one of the most popular coins in the cryptospace

It remains to be seen whether a partnership will come about, as the new company SBIMC is still in its infancy but would be mutually beneficial. Stellar currently ranks ninth on the list of top cryptos based on market capitalization and is one of the most popular coins in the crypto community.

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