Softbank Group Postpones Cryptocurrency and Blockchain Investments until 2023

02/24/2023 09:05 • Blockchain Briefs • 124 views

According to reports, Forbes quoted people familiar with the matter as saying that Softbank Group is unlikely to invest in cryptocurrency or other blockchain businesses before the first half of 2023. People familiar with the matter said that the suspension began sometime last year. A partner of Softbank Group said that we were completely on the sidelines for the rest of this year, perhaps in the first or second quarter.

Insiders: Softbank Group is unlikely to invest in cryptocurrency or other blockchain businesses before the first half of 2023

Analysis based on this information:

The Softbank Group, a Japanese multinational conglomerate and holding company, has delayed its plans to invest in cryptocurrency and blockchain businesses until 2023. Citing anonymous sources, Forbes reported that the suspension started sometime in 2020 and will likely continue for the rest of this year. A partner of Softbank Group also confirmed that they will remain on the sidelines until perhaps the first or second quarter of 2023.

This decision by Softbank Group may come as a surprise to some as the company has been known for its high-profile and ambitious investments in various technology companies and startups. Its Vision Fund, with a total value of $100 billion, has invested in some of the biggest names in the industry such as Uber, WeWork, and DoorDash.

However, the unpredictability and volatility of the cryptocurrency market may have caused Softbank Group to exercise caution in its investment decisions. The cryptocurrency market has been notorious for its sudden surges and drops in value, making it a risky investment for even the most seasoned investors. With the recent slump in the market, investors may be even more hesitant to place their bets on cryptocurrencies.

The delay in Softbank Group’s cryptocurrency and blockchain investments does not necessarily indicate a lack of interest in the technology though. In fact, the company has already made some moves in the blockchain space with its blockchain-based payment service, SBC Wallet. The service allows users to store and transfer money and points from their smartphones, and Softbank Group plans to expand its usage to include other businesses in the future.

In conclusion, Softbank Group’s decision to postpone its cryptocurrency and blockchain investments may be a reflection of the current state of the market and the need for caution in such a volatile industry. While it may seem like a setback for the technology, it is important to note that the company has already made inroads in the blockchain space with its payment service. The delay may be a strategic move for the company, allowing it to better assess market conditions and make more informed investment decisions in the long run.

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