Ripple Partner SBI Holdings To Acquire Stake In BitBank Exchange
Ripple‘s Japan-based partner, SBI Holdings, is looking to purchase a stake in the Bitbank exchange. It marks another upgrade to SBI’s growing crypto-linked holdings as it continues acquiring a stake in crypto exchanges. Ripple Affiliate SBI Holdings To Buy Stake In BitBank The Tokyo-headquartered company has confirmed it has begun talks with Bitbank following a letter of intent. According to the announcement, it is aiming to acquire the exchange, pending due diligence and approvals. SBI affirmed, “In this transaction, we aim to make Bitbank a consolidated subsidiary of our company.” The statement stressed its desire to gain greater control of the exchange. The Ripple-affiliated company made it clear that other details will be finalized subsequently. It added that the timing and method of the share purchase will be decided following ongoing assessments. In addition, SBI noted the change in Japans regulatory stance, as earlier cited by the Japan Stock Exchange CEO Hiromi Yamaji. The government is contemplating a shift to bring crypto assets under the Financial Instruments and Exchange Act. This would make digital assets more like other financial assets and could open up the domestic market. When SBI announced the deal, it said, “By welcoming Bitbank into our group and maximizing synergies within the group,