SBI Holdings Moves to Build Japan's Biggest Crypto Exchange With Bitbank Deal
Japan's crypto industry is about to get a new heavyweight. SBI Holdings, the financial conglomerate that has spent the past decade quietly assembling one of Asia's broadest fintech portfolios, has agreed to acquire Bitbank, a Tokyo-based cryptocurrency exchange, in a deal valued at approximately ¥46.7 billion — nearly $289 million. Once finalized, Bitbank will become a wholly owned subsidiary of SBI, merging two of the country's better-known digital asset platforms into a single, dominant entity.
It is a deal that says as much about where Japan's crypto market is heading as it does about either company individually. SBI has described the combined business as set to become the country's largest crypto exchange by assets under custody — a claim with real weight behind it. Together, the two platforms are expected to hold around ¥1.1 trillion in client assets and serve close to 2.92 million crypto accounts, instantly making the merged entity one of the biggest players in Japan by both metrics.
https://bitnxt.io/news/sbi-holdings-bitbank-acquisition-japan-largest-crypto-exchange
Japan's crypto industry is about to get a new heavyweight. SBI Holdings, the financial conglomerate that has spent the past decade quietly assembling one of Asia's broadest fintech portfolios, has agreed to acquire Bitbank, a Tokyo-based cryptocurrency exchange, in a deal valued at approximately ¥46.7 billion — nearly $289 million. Once finalized, Bitbank will become a wholly owned subsidiary of SBI, merging two of the country's better-known digital asset platforms into a single, dominant entity.
It is a deal that says as much about where Japan's crypto market is heading as it does about either company individually. SBI has described the combined business as set to become the country's largest crypto exchange by assets under custody — a claim with real weight behind it. Together, the two platforms are expected to hold around ¥1.1 trillion in client assets and serve close to 2.92 million crypto accounts, instantly making the merged entity one of the biggest players in Japan by both metrics.
https://bitnxt.io/news/sbi-holdings-bitbank-acquisition-japan-largest-crypto-exchange