SBI Holdings Plans to Establish Joint Crypto Venture

Top Japanese company, SBI Holdings is working on expanding its crypto game. The conglomerate is reportedly working on crypto ventures with a number of foreign companies.

SBI Holdings Joint Crypto Venture Could Take off Soon

According to a Reuters report today, SBI could be involved in a lot of mergers over the next few months. The Japanese company is working on coding some deals, and mergers would help the deals go through faster. Currently, SBI is talking to foreign financial firms about a joint crypto venture. 

SBI Founder and CEO Yoshitaka Kitao says two deals are already in the works concerning the crypto venture. On which companies are involved in the deal, the CEO decided not to say. No further details about the venture were available at the time of writing.

Speaking on what inspired the crypto venture, Kitao says that more companies are showing greater interest in crypto. “Institutional investors, mainly hedge funds, have recently started investing in cryptocurrencies,” he said. He also pointed out that Tesla’s recent bitcoin purchase inspired him more.”Not just institutional investors but also Elon Musk has.” 

Kitao explains his strategy for becoming number one in the world. He says SBI plans to buy leading companies or collaborate with major ones. This would establish it as a leading financial service company.

83% Increase in Profits, Thanks to Crypto

SBI holdings is no newbie to the cryptocurrency market. In fact, three years ago, the company started offering cryptocurrency trading services and has continued to do so. As the biggest online brokerage in Japan, SBI is now seeking new ways to boost its portfolio with crypto. 

Last year, the conglomerate bought a Japanese exchange called Tao Tao. Still last year, SBI amassed a 90% stake in B2C2, a crypto market maker. Cryptocurrency boosted the company’s profit by a whopping 83%, compared to 2019. SBI Holdings made a total of $63.9 million in profit from crypto alone. The joint crypto venture, if successful, would go a long way in increasing the company’s profit.