Ripple Partner, SBI Group, Looks to Form Crypto Joint Venture to Boost Revenue

2021-2-16 00:14

Tokyo-based financial giant SBI Holdings has opened up talks with various international financial institutions to form a crypto joint venture. The firm revealed that it aims to make the crypto business one of its main pillars.

Speaking to Reuters, Yoshitaka Kitao, SBI CEO, revealed that the bank is in talks with numerous financial institutions to set up a crypto venture. Kitao also stated that SBI has already secured two plausible deals but remained coy on the details. The CEO stated that part of the initiative is to pursue mergers and acquisitions.

To enhance its presence in the crypto space, SBI bought TaoTao, a Japanese-based crypto exchange, last year. Kitao explained that the merger and acquisition strategy does not involve taking the minority stakes but partnering with top crypto companies worldwide.

Ripple partner SBI Holdings has witnessed a big jump in profits from its crypto wing for the year ending December 2020. The financial conglomerate’s crypto pretax profit stood at $64 million, which increased 83% compared to 2019. Kitao explained,

“To be number one in the world, our choice is purchasing a leading firm or allying with major global companies. Our merger and acquisition strategy will not be something like taking minority stakes in many companies. Investors once lived in the world where they invested in stocks or bonds; it’s not an either-or situation anymore.”

Kitao also elaborated that institutional interest in crypto assets is rising, which presents a huge opportunity for SBI. He added that institutional investors, mostly hedge funds, are flocking the crypto market, presenting an opportunity for mergers and acquisitions. He also cited that renowned investors like Elon Musk are taking an interest in the crypto industry.

In December last year, SBI purchased cryptocurrency trading outfit B2C2, and the firm is looking to add more.

SBI Holdings is the largest online brokerage firm in Japan and has been offering crypto trading services since 2018.

SBI Group Rolls Out XRP on Its VC Trade Cryptocurrency Lending Service James Fox February 4, 2021 SBI Holdings Says XRP Is Not ‘Security' in Japan; Will continue to Actively Support Ripple AnTy December 28, 2020 SBI Partners with SIX to Launch a Crypto Exchange for Institutions in Singapore AnTy December 8, 2020 Ripple to Invest In Its SBI Holdings Joint Venture, MoneyTap, A Blockchain-Based Payment System Lujan Odera October 29, 2020 The post Ripple Partner, SBI Group, Looks to Form Crypto Joint Venture to Boost Revenue first appeared on BitcoinExchangeGuide.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto joint venture financial form sbi institutions

Источник: bitcoinexchangeguide.com

crypto joint → Результатов: 126


Gen X Investors Overtake Millennials in Crypto Adoption: Wirex & Stellar Report

Nearly 75% of consumers view digital assets and stablecoins as an alternative to traditional money transfer services. High fees, slower transaction times, and hectic cross-border transfers are some of the reasons leading consumers to digital asset payment systems, joint research from Wirex and Stellar Development Foundation (SDF) states.

2021-1-22 21:03


Фото:

Malaysian Police Shut Down Crypto Mining Operation for $600k Electricity Theft

Sept 1, 2020 — Two Malaysian cryptocurrency mining facilities have been raided by law enforcement for an alleged electricity theft totaling more than $600k. According to reports by local news outlet The Star, the raids were conducted as a joint operation between Malaysia’s Energy Commission, the Tenaga Nasional Berhad (TNB) power utility firm, and local […] The post Malaysian Police Shut Down Crypto Mining Operation for $600k Electricity Theft appeared first on BeInCrypto.

2020-9-2 12:50


Фото:

South Korean Crypto Exchange APRObit Adopts Bitfinex Joint Order Book System, Launching in March

It will be the only cryptocurrency exchange available in South Korea that adopts an international joint order book system. APRObit will be the first exchange in South Korea to adopt Bitfinex’s joint order book system, which shares the market depth of Bitfinex’s BTC, ETH, and USDT trading pairs APRObit will be the only exchange inRead MoreRead More.

2020-2-13 16:00


DOJ, FBI, IRS Joint Task Force Arrest Twenty Year Olds For SIM Swapping, Stealing $550,000 In Crypto

SIM swapping is a method of infiltrating someone’s phone, presently being used in the crypto industry by hackers that want to steal cryptocurrency and take over social media accounts. The method has been used by multiple hackers, but a press release reveals that the FBI has already arrested two residents in Massachusetts for their own […]

2019-11-15 09:03


Justin Sun Purchases Stake in Poloniex to Grow TRON Ecosystem

TRON founder Justin Sun confirmed that he was part of an Asian investment group that purchased Poloniex. Sun plans to leverage the exchange to further accelerate growth in the TRON ecosystem. In a joint livestream from the Poloniex and TRON Twitter accounts, Sun confirmed an investment in the struggling crypto-exchange Poloniex:  “Poloniex right now is […] The post Justin Sun Purchases Stake in Poloniex to Grow TRON Ecosystem appeared first on Crypto Briefing.

2019-11-13 01:54


Фото:

Rare Joint Statement From U.S. Regulators Proves Crypto Centralization Is Here

The U. S. SEC, Fincen and CFTC issued a rare joint statement Friday addressing regulation of “activities involving digital assets. ” Citing crypto’s perceived role in money laundering and terrorism, the regulatory power trio prescribed stricter adherence to anti-money laundering (AML) policies and know your customer (KYC) protocols.

2019-10-17 01:13


SEC, CFTC and FinCEN Tells Crypto Industry to Abide By Existing US Financial and Banking Laws

Three major US financial regulators are warning the crypto industry players to adhere to the country’s banking laws. The warning was given in a joint communique issued on Friday and signed by the heads of Commodity Futures Trading Commission (CFTC) Heath Tarbert, Financial Crimes Enforcement Network (FinCEN) Kenneth Blanco and Securities and Exchange Commission (SEC) […]

2019-10-12 00:33


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

StarkWare Proposes to Deploy Aave on its ZK-Rollup L2 StarkNet

A new proposal has been submitted to Aave’s governance forum that calls for deploying the DeFi lending protocol to StarkNet, StarkWare’s permissionless and decentralized ZK-Rollup. Yael Doweck, product manager at StarkWare, submitted the proposal to onboard the protocol on behalf of StarkNet creator, much like MakerDAO has on its L2.

Brazil’s Stock Exchange Planning to Offer Crypto Services Next Year

B3, Brazil’s stock exchange, is the latest institution planning to join the cryptocurrency scene next year. The San Pablo-based exchange is exploring digital asset custody and crypto-as-a-service (CaaS) segments, reported InfoMoney, citing a presentation from B3 President Gilson Finkelsztain made last week.