SBI Holdings, the famous Japanese financial conglomerate, has officially announced that it wants to create a joint crypto venture. The plan for it is to serve as one of the key earners of the company.
Yoshitaka Kitao, the founder and CEO of SBI, has divulged that the company is in talks with various international financial firms in order to set up a new crypto business as it plans to expand the already existing crypto wing of the company.
SBI works with crypto since 2018. Just a couple of months ago, in December 2020, SBI bought B2C2, a UK crypto liquidity provider. Before B2C2 was bought, SBI also acquired a local crypto exchange, named Tao Tao. In November 2020, SBI also released a crypto lending service that lets users lend BTC, ETH, and XRP.
“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.” – Kitao about the prospect of making large-scale acquisitions.
Kitao also declared that the venture would become a main earner for the company and that at least two deals were up to discussion regarding the proposed crypto joint venture business, but their names weren’t revealed.
Of course, Kitao referenced the growing number of institutional investments in Bitcoin, leaving behind the days of stocks and bonds. “Institutional investors, mainly hedge funds, have recently started investing in cryptocurrencies…Not just institutional investors but also Elon Musk has,” added the CEO.