SBI Holdings, the Japanese financial giant, is getting to establish a crypto venture with international financial firms in an attempt to expand its cryptocurrency business. the company purchased the Japanese cryptocurrency exchange TaoTao in 2020.

Yoshitaka Kitao, the CEO of SBI Holdings, said that the company’s merger and acquisition (M&A) strategy isn't like taking minority stakes in several companies. SBI is getting to partner with leading crypto firms around the world.

XRP Supporter SBI Holdings Plans to Form a Cryptocurrency Joint Venture

During an interview with Reuters, Yoshitaka Kitao, the CEO of SBI Holdings, said that the company’s merger and acquisition (M&A) strategy isn't like taking minority stakes in several companies. SBI is going to partner with leading crypto firms around the world.

SBI Holdings reported a huge surge in cryptocurrency profits for the nine months through December 2020. Pretax profit from its crypto business stood at 6.7 billion yen ($64 million), which is up 83% compared to the same period in 2019.

XRP, the world’s fifth most valuable cryptocurrency received support from SBI Holdings in the recent weeks after the SEC’s lawsuit against Ripple. the company announced earlier this month that it'll allow customers to lend XRP in return for interest. Yoshitaka Kitao acknowledged in December 2020 that according to the Japanese financial regulator, XRP isn't a security.



Cryptocurrency Partnerships

“To become favorite in the world, our choice is buying a leading company or creating an alliance with major global companies. Our M&A strategy won't 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 said. The CEO of SBI also outlined a growing institutional interest in cryptocurrency assets. the corporate aims to expand its crypto business through large-scale mergers and acquisitions. “Institutional investors, mainly hedge funds, have recently started investing in cryptocurrencies…Not just institutional investors but also Elon Musk has,” Kitao added.

SBI Holdings acquired crypto trading firm B2C2 in December 2020. Kitao mentioned within the recent interview that a minimum of two deals was under discussion for a crypto venture, but the corporate didn't disclose the names of the potential partners.

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