Just-In: Ripple Partner SBI Holdings Plans To Acquire BitBank Exchange

Ripple’s Japan-based partner, SBI Holdings, is looking to purchase a stake in the Bitbank exchange. It marks another upgrade to SBI’s growing crypto-linked holdings as it continues acquiring a stake in crypto exchanges.

Ripple Affiliate SBI Holdings To Buy Stake In BitBank

The Tokyo-headquartered company has confirmed it has begun talks with Bitbank following a letter of intent. According to the announcement, it is aiming to acquire the exchange, pending due diligence and approvals.

SBI affirmed, “In this transaction, we aim to make Bitbank a consolidated subsidiary of our company.” The statement stressed its desire to gain greater control of the exchange.

The Ripple-affiliated company made it clear that other details will be finalized subsequently. It added that the timing and method of the share purchase will be decided following ongoing assessments.

In addition, SBI noted the change in Japan’s regulatory stance, as earlier cited by the Japan Stock Exchange CEO Hiromi Yamaji. The government is contemplating a shift to bring crypto assets under the Financial Instruments and Exchange Act. This would make digital assets more like other financial assets and could open up the domestic market.

When SBI announced the deal, it said, “By welcoming Bitbank into our group and maximizing synergies within the group, we can establish a dominant position in the domestic crypto asset industry.” The Friday announcement points to the company’s plans to ramp up as regulations take shape.

Moreover, Bitbank’s strong security history is also a factor why the Ripple-backed SBI Holdings considered an acquisition. Bitbank has not had any major security issues since it began operations. Hence, SBI deems it as a prime candidate in a market where trust is paramount.

Other Initiatives By SBI Holdings

It is important to note that SBI’s deal is part of the company’s crypto acquisition strategy. The conglomerate has already consolidated its business by acquiring Bitpoint Japan Co., Ltd. and is looking to expand overseas.

Meanwhile, SBI has also teamed up with Visa to offer crypto credit cards. This project enables users to turn spending rewards into cryptocurrencies like Bitcoin, Ethereum and Ripple’s XRP, further bridging the worlds of traditional finance and blockchain.

Also, in Japan, Metaplanet is ramping up its Bitcoin acquisition spree as it recently offered $50 million bonds to buy more BTC.

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