SBI Group said on July 17 it acquired a majority stake in Coinhako, a Singapore-based cryptocurrency platform, expanding the Japanese financial group’s digital asset business in Asia.

Coinhako’s operating entity holds a Major Payment Institution license from the Monetary Authority of Singapore, allowing it to provide digital payment token and cross-border money transfer services.

The company said it serves more than 480,000 users, giving SBI a regulated cryptocurrency platform in Singapore.

The deal follows SBI’s June agreement to buy Tokyo-based cryptocurrency exchange Bitbank for about US$289 million. The acquisition is expected to close in October, subject to regulatory approval.

SBI also announced partnerships this month with Ondo Finance and the Solana Foundation on tokenisation and stablecoin-related projects. Under the Solana deal, the foundation will take an equity stake in SBI R3 Japan, which will be renamed SBI Solana Global.

SBI said its yen stablecoin, JPYSC, remains limited to accounts within SBI VC Trade and cannot yet be withdrawn to external wallets or used for remittances and settlements on public blockchains.

🔗 Source: CoinDesk