SBI Holdings is in talks to acquire a stake in Japanese cryptocurrency exchange Bitbank, The Block reported on May 1 (local time).
SBI Holdings is seeking to bring Bitbank in as a consolidated subsidiary to strengthen its position in Japan's crypto market.
SBI Holdings Chairman and CEO Yoshitaka Kitao (요시타카 키타오) said in a statement that the company submitted a letter of intent to acquire a stake in Bitbank and started discussions on capital and business cooperation. SBI Holdings plans to acquire a stake in Bitbank after due diligence and internal procedures. The timing and deal structure will be discussed separately.
Bitbank is one of Japan's major cryptocurrency exchanges and was founded in May 2014. Bitbank says it has had no hacking incidents since it was established, and cites security as a strength.
SBI Holdings stressed that as systems are being prepared so that digital assets are included under the scope of the Financial Instruments and Exchange Act, bringing Bitbank into the group would further strengthen its position in Japan's crypto market.
Chi-gyu Hwang
delight@d-today.co.kr