A PYMNTS Company

Japan’s SBI In Talks To Set Up Cryptocurrency JV With Foreign Financial Firms

 |  February 15, 2021

Japanese financial conglomerate SBI Holdings is in talks with foreign financial firms to set up a cryptocurrency joint venture, its chief executive said, as the company aims to expand the business as a core pillar of profitability.

The comments by Yoshitaka Kitao, who founded the company in 1999, comes as cryptocurrencies such as Bitcoin and Ethereum have emerged as alternative investment targets, and global investors have warmed to the rapidly expanding market.

Speaking to Reuters on Friday, February 12, Kitao said that while investors once lived in the world where they invested in stocks or bonds, it’s not an “either-or situation” any more.

“Institutional investors, mainly hedge funds, have recently started investing in cryptocurrencies…Not just institutional investors but also Elon Musk has,” Kitao said.

Musk’s electric vehicle company Tesla Inc revealed earlier this month it had bought $1.5 billion of bitcoin.

Kitao said at least two deals were under discussion on establishing a joint venture business in cryptocurrency, but declined to elaborate on possible partners.

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.