Japanese Conglomerate SBI to Set Up Crypto Venture
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Japanese financial services company group SBI Holdings is seeking foreign counterparties to set up a cryptocurrency joint venture, Reuters reports, citing SBI's CEO Yoshitaka Kitao. In particular, Kitao says the decision to create a crypto-focused venture has been made after Elon Musk's Tesla invested $1.5 billion in bitcoin (EXANTE: Bitcoin).

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"Institutional investors, mainly hedge funds, have recently started investing in cryptocurrencies... Not just institutional investors but also Elon Musk has," the SBI CEO pointed out.

Kitao noted the conglomerate already has two deals under discussion, however, declined to disclose possible counterparties. As iHodl previously reported, SBI Holdings in cooperation with Sumitomo Mitsui Financial Group (SMFG) will launch a blockchain-based stock exchange in the spring of 2022. The exchange will be located in Osaka and the main goal is to compete against the Tokyo Stock Exchange.

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The exchange will reportedly be the first Japanese blockchain-based exchange to operate with digital securities. Prior to the launch, the both companies will create the operator dubbed the Osaka Digital Exchange in March this year. SBI will control 60% of the exchange, and SMFG 40%.

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