The joint crypto venture according to SBI’s CEO “will be an important step in building necessary global infrastructure for the widespread institutional adoption of digital assets.”
The joint venture will be based in Singapore and will strive to become a regional liquidity hub for banks through the use of a crypto issuing company. Yoshitaka Kitao, CEO of SBI Holdings, said:
“This is an important step in building the necessary global infrastructure for widespread institutional adoption of digital assets. Together with SDX‘s strength in Switzerland and our planned digital exchange in Osaka, this venture will establish a powerful institutional corridor between Europe and Asia.”
The agreement between SBI and SIX banks will cater its services to regulated institutions and will focus on expanding crypto demand in the Asia-Pacific region.
About the new joint venture
Following regulatory approval from Singapore’s Monetary Authority, the company is scheduled to formalize its activities by the end of 2021 and begin selling services in early 2022.
The new company will offer a variety of digital asset products and services, including digital bonds, digital stocks, and digital securitized loans, in the form of tokenized securities.
Given their expertise in the institutional digital asset market and dominance in Asia, SDX chairman deemed SBI a suitable partner for the joint venture.
Over the last few years, Singapore has developed into a global crypto powerhouse. Despite regulatory uncertainty throughout the world, major crypto exchanges such as Binance, FTX, Coinbase, Huobi, and others have found a home in the country.
