SBI Holdings Planning For Joint Crypto Ventures.

SBI Holdings Planning For Joint Crypto Ventures.

2021-02-15 | Selina Mathew

SBI Holdings Planning For Joint Crypto Ventures.

Leading Japanese financial firm, SBI Holdings, is reportedly planning for a joint cryptocurrency venture with foreign financial companies. Yoshitaka Kitao – the CEO of SBI added that the Japanese firm is in talks with other financial firms to launch a cryptocurrency venture, Reuters reports on 15th Feb. The chief explained that SBI presently has two potential deals. As a part of the initiative, SBI is considering large-scale mergers and acquisitions. Kitao added that such a deal would be necessary for SBI to take care of its position as a number one financial services firm:
“To become the leading within the world, our choice is purchasing a number one company or creating an alliance with leading global firms [...] Our M&A strategy won't be something like taking minority stakes in many companies.”
SBI’s plans on the upcoming global cryptocurrency venture were apparently pushed by major financial institutions like Tesla as well as Mastercard announcing their cryptocurrency-related plans last week.
“Institutional investors, mainly hedge funds, have recently started investing in crypto assets [...] Not just institutional investors but also Elon Musk has,” Kitao explained.
Earlier in December last year, SBI revealed a joint cryptocurrency-related venture with Switzerland’s principal stock market, SIX Swiss Exchange. As a part of the initiative, SIX Digital Exchange along with SBI’s crypto arm SBI Digital Asset Holdings were launching a new crypto platform in Singapore.

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