Japan’s SBI Holdings plans to launch a stock exchange based on blockchain

SBI Holdings is one of the largest financial conglomerates in Japan – the capitalization of the organization founded in 1999 is estimated at $ 4.4 billion, and it includes about 250 fintech companies. SBI’s core business is financial services and asset management. In addition, the holding is actively investing in developments related to biotechnology.

SBI is closely related to the cryptocurrency space. In particular, Kitao is a member of the board of directors of the cryptocurrency company Ripple, which SBI helped to raise its capitalization to $ 10 billion last December.

Together with Brad Garlinghouse’s company in 2016, the holding created a joint venture SBI Ripple Asia, designed to promote XRP in Asian markets. Together with Ripple, they also launched MoneyTap, a blockchain-based money transfer application.

Now the conglomerate plans to develop a stock exchange based on blockchain. According to the plans of the company it should become the core of a new financial hub and help Osaka gain status of a global financial center.
A president and CEO of the holding, said that the exchange will become a new financial hub and will help to attract investment from global fintech companies.

The organization’s offices will supposedly be located in Osaka and Kobe. According to CEO, SBI is already negotiating with Osaka Prefecture on the subject. He is also sure in the success of these talks as the blockchain exchange can be considered “the last chance” for the region to become an international financial center.

SBI and blockchain

SBI actively supports other companies in the sector. For example, at different times such startups as Tangem, BRD and Securitize received investments from the holding.

It should be noted that the holding has its own developments in this area. So, in July 2018, SBI launched its own cryptocurrency exchange VCTRADE, which mainly serves the domestic market of Japan.

In the same year, SBI started testing its own cryptocurrency – S Coin. The asset is connected to the platform of the same name, which is based on the corporate blockchain Corda from the R3 consortium. The S Coin platform will allow the issuance of digital currency. Note that it never made it to the release of S Coin – in July 2020, the holding announced the start of demonstration tests.

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