Japanese group SBI Holdings announces investment in cryptocurrency exchange Coinhako
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Answer Japanese group SBI Holdings announces investment in cryptocurrency exchange Coinhako
SBI Holdings Group, a Japan-based financial services provider, recently announced an investment in Coinhako, one of the largest cryptocurrency exchanges in Singapore.
The latest investment was made through a fund set up by SBI and the Swiss bank Sygnum.
In terms of retail cryptocurrency trading, Coinhako has the largest volume and client base in Singapore.
The platform provides a wide range of regulated cryptocurrency trading services to clients in the region.
The latest investment in “Coihako” is part of Japan’s SBI Group’s international expansion strategy.
SBI Group added that it will support the growth of Coinhako’s global business through its international network.
According to the SBI, the fund will invest in promising startups operating in the global crypto system.Read:Bitcoin drops to the level of 44 thousand dollars and the total value of the crypto market is still above 2 trillion dollars
The company’s statement also stated:
The fund will be managed using the Group’s deep expertise across cryptocurrencies, financial services and complementary FinTech to the Group, Sygnum Banking Group, a leader in digital assets, and a network of companies across Asia and Europe.
The fund is a subsidiary of both companies, Ven Capital and Sygnum.
The SBI indicated that it will make joint investments in Southeast Asia and Europe, with a primary focus on enterprise solutions related to financial market infrastructure and DLT technology.
Singapore and the Crypto Market:
While the adoption of cryptocurrencies in Singapore has recently skyrocketed, the country’s financial regulator has introduced strict measures to counter the illegal use of digital assets in financial transactions.
The regulatory authority in Singapore has set several stringent requirements for crypto companies to ensure the safety of users.
In a surprise announcement during the second week of December 2021, Binance announced its plan to close its operations in Singapore.
Returning to the topic of the article, the publication of the “SBI” group stated the following:
In recent years, with the rapid increase in cryptocurrency transactions, the financial authorities of every country are urgently working to develop the relevant legal systems.Read:Beware Cardano’s Yoroi Wallet Website is Targeted by Scammers
The group will support investments that provide the latest high-level and compliant services, and will develop a healthy cryptocurrency market.
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