SBI looking to set up joint crypto ventures with foreign firms

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February 15, 2021 by CoinSurges
SBI Holdings is reportedly considering mergers and acquisitions as a means of solidifying a potential deal. Japanese financial conglomerate SBI

SBI Holdings is reportedly considering mergers and acquisitions as a means of solidifying a potential deal.

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Japanese financial conglomerate SBI Holdings is reportedly planning to set up a joint cryptocurrency venture with foreign financial companies.

SBI CEO Yoshitaka Kitao said that the Japanese company is in talks with other financial firms to launch a crypto venture, Reuters reports Feb. 15. The executive said that SBI currently has two potential deals.

As part of the initiative, SBI is considering large-scale mergers and acquisitions. Kitao stated that such a deal would be necessary for SBI to maintain its position as a leading financial services company:

“To become number one in the world, our choice is buying a leading company or creating an alliance with major global companies […] Our M&A strategy will not be something like taking minority stakes in many companies.”

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SBI’s plans on the upcoming global crypto venture were apparently pushed by major financial institutions like Tesla and Mastercard announcing their crypto-related plans last week. 

“Institutional investors, mainly hedge funds, have recently started investing in cryptocurrencies […] Not just institutional investors but also Elon Musk has,” Kitao said.

Kitao did not specify the potential partners. SBI did not immediately respond to Cointelegraph’s request for comment.

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In December 2020, SBI announced a joint crypto-related venture with Switzerland’s principal stock exchange, SIX Swiss Exchange. As part of the initiative, SIX Digital Exchange and SBI’s crypto arm SBI Digital Asset Holdings were launching a new crypto platform in Singapore.

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