SBI Holdings, the major financial services firm based in Japan, is reportedly looking to form a joint digital currency venture together with different foreign companies. As revealed by the CEO of SBI, the company is currently having talks with foreign financial firms for the establishment of this crypto venture.
SBI Plans To Roll Out A Joint Cryptocurrency Venture
As reported by Reuters on the 15th of February, Yoshitaka Kitao, who is the present Chief Executive Officer (CEO) of SBI Holdings has shared the company’s upcoming plans with media. Yoshitaka Kitao stated that his company is planning on setting up a joint digital currency venture and for this purpose, he said that they are having talks with some major financial firms.
The executive said that under this initiative, the company is looking to make major acquisitions and mergers at a larger scale. Kitao called this deal very crucial and significant for SBI, saying that the company is making efforts for maintaining its position in the industry as a leader of financial services firms.
Also read:He said that his company is focusing on becoming the world’s top company and for this purpose, their choice is to purchase a major firm or form partnerships with different leading companies from across the entire world. To acquire minority stakes in several major firms will not be a part of their strategy, he asserted.
Financial Institutions Seem To Have Pushed Plans of SBI
These plans of SBI Holdings for rolling out the joint cryptocurrency venture seem to be mainly driven by the recent large inflow of institutional investors into the cryptocurrency world. Especially, the entrance of Tesla into the crypto sector has pushed various financial firms to move into cryptocurrencies. MasterCard also recently announced its plans for cryptocurrencies. Kitao also mentioned in his comments the inflow of institutional investors in the cryptocurrency sector. He said that a large number of institutional investors such as hedge funds have begun making investments in digital assets. He said that it is not only institutional investors but Elon Musk’s Tesla has also made an investment in Bitcoin. Tesla had acquired Bitcoin (BTC) worth $1.5 billion recently.
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