The blockchain-based exchange should become the core of a new financial hub and help Osaka to get the status of an international financial center.
Japanese financial conglomerate SBI Holdings is set to launch a blockchain-based stock exchange. Speaking to the Nikkei, CEO SBI Holdings Yoshitaka Kitao says the exchange will become the heart of a new financial hub and help attract investment from global fintech companies.
The organization’s offices are expected to be located in Osaka and Kobe. According to Kitao, SBI is already in talks with Osaka Prefecture, for which the blockchain exchange is “the last chance to become an international financial center.”
SBI Holdings is one of the largest financial conglomerates in Japan – the market cap of the organization founded in 1999 is estimated at $ 4.4 billion with 250 fintech companies. SBI’s core business is financial services and asset management. At the same time, the holding is actively investing in developments related to biotechnology.
SBI is closely related to the cryptocurrency space. In particular, Kitao is a member of the directors’ board at the cryptocurrency company Ripple, which SBI helped to raise its market cap to $ 10 billion last December.
Together with Brad Garlinghouse’s company in 2016, the holding created a joint venture SBI Ripple Asia, designed to promote XRP in Asian markets. The companies also launched MoneyTap, a blockchain-based money transfer app.
SBI actively supports other companies in the sector. For example, at different times such startups as Tangem, BRD, and Securitize received investments from the holding.
Note, that the holding has its own developments in this area. So, in July 2018, SBI launched its own cryptocurrency exchange VCTRADE, which mainly serves the domestic market of Japan.
SBI started testing its own cryptocurrency – S Coin that year. The asset is related to the platform, which is based on the corporate blockchain Corda from the R3 consortium. The S Coin platform will allow the issuance of digital currency. Note that it never made it to the release of S Coin – in July 2020, the holding announced the start of demonstration tests.