SoftBank’s $5bn fund is 10% crypto

SoftBank’s $5bn fund is 10% crypto
Short Url
Updated 09 December 2021

SoftBank’s $5bn fund is 10% crypto

SoftBank’s $5bn fund is 10% crypto

RIYADH: SoftBank is investing 10 percent of the company's $5 billion funds in crypto-related assets, a strategy that the bank's managing director supports even if some tokens are overvalued, Bloomberg reported.

The most attractive place to invest in Latin America is cryptocurrencies, according to the managing director of SoftBank’s Latin America Fund Paulo Passoni 

“Of course there’s some froth, of course not all tokens are worth what the market is saying,” Passoni said at a webcast Wednesday hosted by Eurasia Group, adding: “I do believe it’s the most relevant thing going on around the globe right now.”

The comments highlight SoftBank’s recent emphasis on cryptocurrencies as the Japanese technology conglomerate doubles down on its commitment to Latin America.

“There’s an old saying in investing: follow the talent — and the most talented people around the globe are going into crypto-related projects,” Passoni added.

 “I’d say we’re running a crypto school for our team here because we sense that there’s a big discrepancy in knowledge even within our team.”