Sun Zhengyi makes a comeback: betting on NFT and encrypted payment

When it comes to Softbank and its founder Sun Zhengyi, people are no strangers.

Japan’s SoftBank Group, led by Sun Zhengyi, has invested heavily in the world, and his investment in Yahoo and Alibaba has made him famous. However, the creators of myths also lost time in Maicheng.

In 2017, when Bitcoin rose wildly, Sun Zhengyi invested a huge amount of money. He admitted that after investing in Bitcoin, he would spend a lot of time to check price trends, which has affected his focus on SoftBank’s business. Therefore, he soon sold his bitcoins. According to the Wall Street Journal, he lost nearly $130 million when he sold bitcoins in 2018.

Not only that, at the SoftBank Group’s third fiscal quarter conference in November 2019, Sun Zhengyi used words such as “a mess,” “extraordinarily large deficit,” “like a typhoon,” and “a loss that has never happened since the start of the business” to describe the performance at that time. Since then, the situation has continued to deteriorate, and the sudden new crown pneumonia epidemic has made SoftBank and its investment projects worse.

In April 2020, the SoftBank Group expected a loss of 1.35 trillion yen (approximately US$12.5 billion) for the 2019 fiscal year ending on March 31 of that year, which was the company’s worst loss since its establishment. Among them, the investment of the Vision Fund is expected to shrink by 1.8 trillion yen (about 16.7 billion U.S. dollars), and the loss of 800 billion yen (about 7.5 billion U.S. dollars) in investments outside the Vision Fund is expected.

However, Sun Zhengyi is Sun Zhengyi after all. Even though he had some trouble with Bitcoin, Sun Zhengyi did not shy away from it. In 2021, he increased his investment in the field of cryptocurrency and made frequent moves. In just one year, Sun Zhengyi returned with SoftBank. On May 12, SoftBank Group released its financial report, and its net profit for fiscal year 2020 reached 4.9879 trillion yen (approximately RMB 294.8 billion). In terms of net profit, SoftBank surpassed Microsoft, second only to Apple and Saudi Aramco. The company became the world’s third largest profitable company, and Son Zhengyi also regained the throne of Japan’s richest man.

Next, let’s take a look at which cryptocurrency projects SoftBank has invested in 2021.

Golden Finance found that SoftBank focuses on three aspects in the field of cryptocurrency: NFT, crypto payment, and cryptocurrency exchange.

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In terms of NFT, it involves blockchain fantasy football game developers Sorare, Fanatics, Blin Metaverse, Juggernaut, and DNABlock.

In terms of encrypted payment, Chime, oPay, TBCASoft, DriveWealth, Paystand, etc. are involved.

In terms of exchanges, FTX, Bullish, Mercado Bitcoin , Revolut, Hashdex, etc. are all invested by SoftBank.

It is worth noting that the financial technology company and British digital bank Revolut are seeking to launch their own encrypted tokens. Revolut is studying exchange tokens, not creating stablecoins. In terms of the timing of the release of the Revolut token, the source said that this needs to be approved by the UK Financial Conduct Authority (FCA). Another source said that Revolut’s token issuance plan is currently mainly concentrated in Europe and other regions outside the United States.

In addition, two of these investments can be said to have set records.

On September 21, blockchain fantasy football game developer Sorare announced the completion of a new round of financing of US$680 million. This round of financing was led by Japan’s SoftBank Group. Sorare said that this round of financing made its valuation reach $4.3 billion. Previously, the market has repeatedly reported the details of this investment, but the financing and valuation announced by Sorare are obviously higher than rumors. Market analysts pointed out that this financing may become the largest round of financing in the history of the French technology industry.

On September 14, SoftBank announced the launch of Latin America Fund II. The initial size of the fund is US$3 billion. The fund plans to support technology-driven companies in various countries and industries in Latin America that are in the budding to listing stages, focusing on e-commerce, digital financial services, healthcare, education, blockchain, and enterprise software. This is the company’s second private investment fund focusing on technology companies in Latin America. In March 2019, SoftBank launched a US$5 billion special fund (also known as the SoftBank Latin America Fund). According to SoftBank, as of June 30, 2021, the fund has invested US$3.5 billion in 48 companies in Latin America, generating a net internal rate of return (IRR) of 85% in US dollars. Among them, 15 are unicorn companies including Mercado Bitcoin, a Latin American crypto unicorn company. Roberto DagNoni, CEO and Chairman of Mercado Bitcoin’s parent company 2TM Group, said that this investment is the largest round of B round investment in Latin America’s history, as well as SoftBank’s largest investment in a Latin American cryptocurrency company. An investment.

SoftBank has shined in its past investments, which has established its position in the technology investment sector. So, can Softbank also continue to be brilliant in the layout of the blockchain? We will wait and see.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/sun-zhengyi-makes-a-comeback-betting-on-nft-and-encrypted-payment/
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