SBI Holdings Grabs Majority Stake in Singapore's Coinhako

Japanese financial giant SBI Holdings is expanding its footprint in Asia. The company recently completed its acquisition of a majority stake in Coinhako, a popular Singapore based cryptocurrency platform. The deal officially closed after securing approval from the Monetary Authority of Singapore.

SBI plans to use Coinhako to build out a digital asset corridor connecting Japan and Southeast Asia. The financial group wants to use this setup to grow its services, including its yen denominated stablecoin, and explore areas like tokenization and cross border trading. Coinhako already holds a key payment license in Singapore and has spent a decade building a user base in the region.

This acquisition is just the latest in a series of major crypto moves for SBI. The conglomerate recently backed the EDX Markets funding round, teamed up with Ondo Finance to tokenize Japanese equities, and announced a partnership with the Solana Foundation. It also agreed to buy the Tokyo based exchange Bitbank for about 289 million dollars in June.