Metaplanet has completed its acquisition of Siiibo Securities and launched a new subsidiary, Metaplanet Securities, according to Techub News. The business holds a Type I Financial Instruments Business license from Japan’s Financial Services Agency and is set to develop bitcoin-backed bonds and digital credit products. Metaplanet acquired the Tokyo-based broker for 2.1 billion yen and plans to work with JPYC and Progmat to build a digital credit ecosystem. The company said it will use its bitcoin reserves as credit-enhancement collateral for regulated, yen-denominated bitcoin-backed yield products aimed at investors. Product design and the timeline for issuance are still under review.
Metaplanet has completed its acquisition of Siiibo Securities and launched a new subsidiary, Metaplanet Securities, according to Techub News.
The unit holds a Type I Financial Instruments Business license from Japan’s Financial Services Agency and will develop bitcoin-backed bonds and digital credit products.
Metaplanet acquired the Tokyo-based brokerage for 2.1 billion yen. It also plans to work with JPYC and Progmat to build a digital credit ecosystem, using its bitcoin reserves as credit-enhancement collateral for regulated, yen-denominated bitcoin-backed yield products for investors.
The company is still evaluating product design and the timing of issuance.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
