SBI Holdings completes majority acquisition of Singapore crypto platform Coinhako following MAS approval

SBI Holdings has completed its acquisition of a majority stake in Coinhako after securing approval from the Monetary Authority of Singapore, bringing the crypto platform under the Japanese financial group's control through its subsidiary, SBI Ventures Asset.

Coinhako operates primarily through Hako Technology Pte. Ltd., which holds a Major Payment Institution license from MAS, and Alpha Hako Ltd., a crypto asset service provider registered with the British Virgin Islands Financial Services Commission, SBI said in a statement on Friday.

According to the statement, SBI plans to combine Coinhako's customer base, operational expertise, and regional network with its financial services, technology, and global footprint to expand its digital asset corridor beginning with Japan and Southeast Asia. 

The company said it also intends to develop new services tied to its cryptocurrency and digital finance infrastructure, including its JPYSC yen-denominated stablecoin, while exploring opportunities in tokenization, onchain 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,” SBI Chairman Yoshitaka Kitao said. “Singapore, where regulations related to digital assets are ahead of the curve, is a crucial region in this regard, and we are very pleased that Coinhako, with its solid customer base and business know-how, has joined the SBI Group.”

The acquisition is the latest in a string of crypto-related initiatives by the Japanese financial conglomerate, as The Block previously detailed in The Funding newsletter.

During the past month, SBI became the sole investor in Gauntlet's $125 million Series C, led EDX Markets' $76 million Series C funding round, launched JPYSC, and partnered with the Solana Foundation to support the development of an onchain financial market in Japan.

The company also acquired Japanese crypto exchange Bitbank for nearly $289 million in June and announced a partnership with Ondo Finance earlier this week to tokenize Japanese equities.