PANews reported on February 10 that Japanese securities giant SBI Group announced that its crypto business has achieved a record quarterly profit. SBI also cooperated with USDC operator Circle to promote the launch of USDC trading pairs in Japan. It also plans to become the first crypto exchange operator in Japan to launch USD Coin (USDC). The company is actively expanding its crypto asset product line.

In the third quarter financial report, SBI Group's crypto business revenue was approximately 62.8 billion yen, a year-on-year increase of 103.5%, and pre-tax profit reached 18.1 billion yen (about 119.6 million US dollars), a year-on-year increase of 787%. SBI said that the recent recovery of the crypto market has driven the growth of its trading platform, and the number of its crypto accounts increased by 15.3% month-on-month. It is expected that the total revenue of SBI VC Trade and BITPoint will exceed 60 billion yen (about 3.96 million US dollars) this quarter.

In addition, SBI will complete the migration of its competitor DMM Bitcoin customers by March 8. It is expected that the number of wallets on the SBI VC Trade platform will increase to about 1.3 million after the migration, while BITPoint currently has about 400,000 wallets.