SBI Holdings has completed the acquisition of a majority stake in Singapore-based cryptocurrency platform Coinhako after receiving approval from the Monetary Authority of Singapore (MAS).
The Japanese financial group carried out the deal through its subsidiary SBI Ventures Asset Pte. Ltd. That entity injected capital into Coinhako parent Holdbuild Pte. Ltd. and purchased shares from existing shareholders. The transaction closed on July 16, making Coinhako a consolidated subsidiary of SBI.
Coinhako’s operating entities and licenses
Coinhako operates through Hako Technology Pte. Ltd., which holds a Major Payment Institution license from MAS. It also operates through Alpha Hako Ltd., a crypto asset service provider registered with the British Virgin Islands Financial Services Commission.
The platform spent a decade building a customer base across Southeast Asia. SBI now describes the region as a base for its broader digital asset strategy.
SBI’s plans for the platform
SBI said it plans to combine Coinhako’s customer base, operational know-how and regional network with its own financial services, technology and global footprint. The company said it wants to expand a digital asset corridor that begins with Japan and Southeast Asia, while also building services tied to its yen-denominated stablecoin, JPYSC.
The group also pointed to opportunities in tokenization, on-chain finance and cross-border trading.
“Our group aims to create a global corridor for digital assets by connecting exchanges around the world, enabling investors worldwide to make optimal investments without being hindered by national borders or currency barriers,” Chairman Yoshitaka Kitao said.
He also described Singapore as a crucial region because its digital asset regulations are ahead of the curve.
Coinhako says the deal is a natural next step
Coinhako co-founder and CEO Yusho Liu said the transaction was “a natural step.”
“For the past 10 years, we have built from the ground up Southeast Asia’s most trusted and legally compliant cryptocurrency platform in the world’s most advanced regulatory environment,” Liu said, adding that SBI’s backing gives the firm a stronger foundation.
SBI’s recent crypto expansion
The acquisition comes at the end of a busy stretch of crypto activity for the conglomerate, which has more than 14 million users and $308 billion in assets under custody.
In the past month, SBI led EDX Markets’ $76 million Series C, backed risk manager Gauntlet, launched JPYSC, and partnered with the Solana Foundation on an on-chain financial market in Japan.
In June, the group agreed to acquire Tokyo exchange Bitbank for about $289 million. This week, it also teamed up with Ondo Finance to tokenize Japanese equities.
One limitation remains for JPYSC: it still does not support withdrawals to external wallets, which means its use is currently confined to SBI’s own platform.
This article first appeared in Bitcoin Magazine and was written by Micah Zimmerman.