SBI Holdings has finalized its acquisition of a majority stake in Coinhako, a cryptocurrency platform based in Singapore, subsequent to receiving approval from the Monetary Authority of Singapore (MAS).
The transaction, executed through its subsidiary SBI Ventures Asset Pte. Ltd., involved an infusion of capital into Coinhako’s parent company, Holdbuild Pte. Ltd., as well as the procurement of shares from existing shareholders. The acquisition was officially completed on July 16, resulting in Coinhako becoming a consolidated subsidiary.
Coinhako operates via Hako Technology Pte. Ltd., which possesses a Major Payment Institution license granted by the MAS, along with Alpha Hako Ltd., a crypto asset service provider registered with the British Virgin Islands Financial Services Commission.
Over the past decade, Coinhako has established a robust customer base throughout Southeast Asia, a region that SBI now envisions as a pivotal element in its digital asset strategy.
SBI intends to integrate Coinhako’s customer base, operational expertise, and regional network with its own extensive financial services, technological capabilities, and global reach. The company aims to develop a digital asset corridor that connects Japan with Southeast Asia, alongside services associated with its JPYSC yen-denominated stablecoin. SBI has also indicated potential avenues for exploration in tokenization, on-chain finance, and cross-border trading.
Chairman Yoshitaka Kitao articulated the organization’s objective to establish a global corridor for digital assets by fostering connections between exchanges on an international scale. This initiative aims to empower investors worldwide to make optimal investments, free from the constraints of national borders or currency limitations. He underscored Singapore’s importance, noting its progressive digital asset regulations.
Coinhako co-founder and CEO Yusho Liu characterized the acquisition as a logical progression. He remarked, “For the past 10 years, we have built Southeast Asia’s most trusted and legally compliant cryptocurrency platform in the world’s most advanced regulatory environment,” highlighting that SBI’s support reinforces the foundation of the firm.
SBI Holdings’ Strategic Movements in Cryptocurrency
This acquisition concludes a series of strategic maneuvers by the conglomerate in the cryptocurrency domain, which boasts over 14 million users and $308 billion in assets under custody. Recently, SBI led EDX Markets’ $76 million Series C funding round, backed risk management entity Gauntlet, launched the JPYSC, and partnered with the Solana Foundation to develop an on-chain financial market in Japan.
In June, the organization entered into an agreement to acquire Tokyo exchange Bitbank for approximately $289 million. Furthermore, this week, it collaborated with Ondo Finance to tokenize Japanese equities.
One limitation persists: JPYSC currently does not facilitate withdrawals to external wallets, restricting its utilization to SBI’s proprietary platform.
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