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Japan’s SBI Plans to Make Crypto a Core Revenue Source

One of the most important financial services companies in Japan, SBI Holdings, has announced it is currently having talks with foreign financial firms with the plan to establish a crypto joint venture.

According to a report published by Reuters today, the venture has the goal of expanding the firm’s already existing crypto endeavors into a significant revenue stream.

Yoshitaka Kitao, the CEO and founder of SBI, commented that the company would “definitely” turn the venture into a core earner for SBI. He also mentioned that SBI is also taking into consideration large scale mergers and acquisitions.

Kitao said that there are at least two deals on the table regarding talks with possible joint-venture partners but refused to give any other details.

The plans were rushed as a result of crypto’s entrance into the financial mainstream:

“Institutional investors – mainly hedge funds – have recently started investing in cryptocurrencies … Not just institutional investors but also Elon Musk,” said Kitao.

 

The CEO went on to say that in order for the company to become “number one,” it would probably need to acquire a leading company or build alliances with other important global companies:

“Our MA strategy will not be something like taking minority stakes in many companies,” Kitao finished.

Sources: coindesk.com

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