Insiders: Softbank Group is unlikely to invest in cryptocurrency or other blockchain businesses before the first half of 2023
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.
Interpretation of this information:
The recent news reports have suggested that SoftBank Group, a prominent Japanese conglomerate, is not likely to invest in cryptocurrency or blockchain technology anytime soon. According to anonymous sources, Forbes has reported that the company has suspended any plans for investing in cryptocurrency or blockchain-related businesses until at least the first half of 2023.
It seems that the SoftBank group has been on the sidelines for a while now, with reports indicating that the suspension of investment plans started sometime last year. Although there are no specific reasons mentioned for this pause in investment, the industry experts believe that it may be due to the high risks and volatility associated with cryptocurrency and blockchain businesses.
The anonymous partner of SoftBank Group further reiterated that the company is not likely to invest in this field during the rest of the year, possibly waiting until the first or second quarter of 2023. Given the market’s unpredictable nature, it seems that SoftBank is taking a cautious approach to investing in digital currencies and blockchain technology. This could also be a result of the wider regulatory scrutiny that the industry is facing globally.
SoftBank is known for its considerable investments in tech startups, including Uber, WeWork, and Alibaba Group, all of which offer innovative solutions that have disrupted the traditional ways of doing business. However, the company has also seen some significant setbacks in recent years, including the failed IPO of WeWork.
In conclusion, SoftBank’s decision to pause cryptocurrency and blockchain investments could be seen as a wise move, given the current volatility and regulatory issues. The investment giant seems to be taking a cautious approach and waiting for the market to mature before making significant moves.
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