🚨 SBI is buying Bitbank as Japanese and Korean financial firms position for stablecoins and on-chain finance 🚨
SBI Holdings is acquiring Japanese crypto exchange Bitbank in a move tied to broader digital asset ambitions beyond trading. The deal comes as banks in Japan and Korea increasingly seek exchange exposure ahead of expected growth in stablecoins and on-chain financial services.
🔑 Key highlights:
🔹️ SBI Holdings announced it will acquire Bitbank for ¥46.7 billion, or about $289 million.
🔹️ The deal is expected to close around October and will make Bitbank a wholly owned subsidiary through SBI’s vehicle SBICAH.
🔹️ Combined with SBI VC Trade, the acquisition would give SBI about ¥1.1 trillion in custody assets and roughly 2.92 million accounts.
🔹️ SBI said the move is aimed at creating new business opportunities in digital assets, including stablecoins and on-chain finance.
🔹️ The acquisition follows the partial launch of JPYSC, the yen stablecoin issued by SBI Shinsei Trust Bank.
🔹️ A similar pattern is unfolding in Korea, where banks and financial institutions are buying stakes in crypto exchanges ahead of possible stablecoin legislation.
🎯 Bottom Line: SBI’s Bitbank acquisition reflects a wider push by Asian financial firms to build digital asset infrastructure around stablecoins and on-chain finance.
https://www.ledgerinsights.com/why-sbi-is-buying-bitbank-and-why-korean-banks-are-piling-into-crypto-exchanges/