Japan’s SBI Holdings and the crypto industry go way back, thanks to its partnership with Ripple. The lawsuit against Ripple shattered several partnerships that the company has built. This wasn’t all, the price of the altcoin witnessed a major drop during the prime of the bull run. Despite this, the partnership between Ripple and SBI was intact.
Now, the Japanese financial platform intends to spearhead the world’s transition into digitization. Speaking to Reuters, the CEO of SBI, Yoshitaka Kitao revealed that the platform wanted to elevate its presence in the crypto market by inducing a new cryptocurrency platform into the world. This wasn’t all that surprising considering the number of platforms venturing into the crypto industry. The crypto-verse’s market cap is currently at a high of $1.50 trillion. Bitcoin alone is accounting for a whopping $900 billion.
Tesla’s latest move of venturing into the crypto-verse by adding the purchase of Bitcoin into its balance sheet undoubtedly steered some heads. Speaking about the same, Kitao said,
“To become number one in the world, our choice is buying a leading company or creating an alliance with major global companies. […] Our M&A strategy will not be something like taking minority stakes in many companies.”
Musk pushed the price of Bitcoin beyond $40K by including BTC as a payment method.
While announcing that SBI was looking into acquisitions as well mergers on a large scale, the names of the possible partners were still under the wraps. Elaborating on the same the CEO and founder of SBI added,
“To become number one in the world, our choice is buying a leading company or creating an alliance with major global companies. […] Our M&A strategy will not be something like taking minority stakes in many companies.”
Additionally, Kitao revealed that there were about two deals underway pertaining to its latest venture.
This news could be beneficial to XRP considering the Japan company and Ripple’s ongoing partnership.