SBI, a major regional partner for Ripple, has announced the purchase of a 100% share in the cryptocurrency firm HashHub.
The business is engaged in blockchain research as well as lending for crypto assets and other aspects of the new digital economy. The release states that SBI plans to make HashHub a part of its consolidated subsidiaries. The acquisition is said to be crucial to two objectives.
The first is to improve HashHub’s research division in light of the increasing number of corporate clients. The second objective is to strengthen the security of the cryptocurrency loan service and achieve compliance.
With the purchase of HashHub, Ripple’s key partner is able to expand its already sizable cryptocurrency holdings. The Japanese financial behemoth currently runs a wallet and cryptocurrency exchange through SBI VC Trading, Bitpoint Japan, and NFT marketplace SBINFT.
SBI’s Connections To Ripple
SBI is still one of Ripple’s most important and likely biggest partners in Asia. Recall that Yoshitaka Kitao, the current head of the holding firm, previously served on the board of the cryptocurrency corporation.
The organizations themselves are constantly enhancing their relationships with one another. The most recent instance was the establishment in August of a new Japan-Thailand payment corridor with Ripple and SBI Remit.
