Behemoth Japanese Company Announces Plan to Launch a Joint Cryptocurrency Venture

Behemoth Japanese Company Announces Plan to Launch a Joint Cryptocurrency Venture

SBI Holdings, a Japanese financial conglomerate, has announced that it plans to launch a joint cryptocurrency venture to bolster the company’s earnings capabilities.

According to SBI’s CEO, and founder, Yoshitaka Kitao, the company was in talks with international financial firms to establish a new cryptocurrency business. The recent development is SBI’s latest attempt at expanding its cryptocurrency business arm.

SBI has been active in the cryptocurrency space since 2018 and has recorded some notable cryptocurrency ventures. The company acquired B2C2, a UK-based cryptocurrency liquidity provider, in December 2020 and local cryptocurrency exchange, Tao Tao, some months before then. Also, the company launched a cryptocurrency lending service in November, which helped users borrow BTC, ETH, and XRP.

Meanwhile, Kitao added that the company was still looking out for large-scale mergers and acquisitions, noting that “to become number one in the world, our choice is buying a leading company or creating an alliance with major global companies. Our M&A strategy will not be something like taking minority stakes in many companies.”

Yoshitaka Kitao. Source: Google

The CEO highlighted in his recent comment that the planned venture would be one of SBI’s major earners. He also noted that there were still two other cryptocurrency-related joint venture deals up for discussions, although he refused to mention the names of these potential partners.

Cryptocurrency Investment Is Inevitable
Kitao noted that the increased institutional adoption and investment in Bitcoin (BTC) marked the start of a new era. He stated that gone were the days when people only invested in stocks and bonds, adding that “institutional investors, mainly hedge funds, have recently started investing in cryptocurrencies…Not just institutional investors but also Elon Musk has.”

Meanwhile, SBI is one of the few companies that have stood by and supported Ripple Labs amidst its ordeal with the US Securities and Exchange Commission (SEC). The CEO noted that XRP was not considered securities in Japan, highlighting that he is optimistic Ripple would win the case.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.