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Softbank opts for blockchain but not cryptocurrencies

Softbank opts for blockchain but not cryptocurrencies

Softbank group, the Japanese global technology investor, is investing in blockchain infrastructure, but it is not able to apply its models to cryptocurrencies so has not invested into these digital assets. 

Softbank is bullish on blockchain, given how it is so secure, is perfect for financial services and has become the base layer for the NFT market. 

The Japanese investment company was part of a funding round for FTX Trading, the owner of the FTX cryptocurrency exchange, presided over by billionaire Wizkid Sam Bankman Fried. But the interest stops at blockchain infrastructure. 

CEO of Softbank, Rajeev Misra said:  

“We have stayed away from coins. We can’t quantify it, we can’t put a mathematical model to it.” 

According to the Business section of TheNationalNews.com, the blockchain market is predicted to grow to around $40 billion by 2025, from its $3 billion total in 2020. 

On the other hand, cryptocurrencies are sometimes wildly volatile and China’s banning of crypto mining, and cryptocurrency transactions, has certainly not helped. 

Misra’s company expects large growth in the areas of education tech and life sciences. He stated: 

“A kid in a small town in India or Africa can get education from MIT or Stanford and that’s happening and that’s accelerating,” he said. “The fact that we are using genetic engineering and AI to come up with a vaccine within six to seven months … shows you how the investment in life sciences is going to accelerate to find cure for a lot of lifestyle diseases and vaccines.” 

Softbank is keen to invest in Europe, Latin America and the Middle East, where it believes there are exciting opportunities for growth. However, of the Indian market Misra said that it was “overheated” and that “valuations are high”. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

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