SBI Group Acquires Majority Stake in Singapore Crypto Platform Coinhako

Coinhako operates with a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows the company to offer cryptocurrency services and cross-border money transfers.

Coinhako has more than 480,000 users. By acquiring the company, SBI gains access to a well-established and regulated crypto platform in Singapore.

This acquisition is another step in SBI’s plan to strengthen its presence in the cryptocurrency industry and expand its digital financial services in Asia.

The Coinhako acquisition comes after SBI agreed in June to buy Tokyo-based cryptocurrency exchange Bitbank for about US$289 million. That deal is expected to be completed in October, pending regulatory approval.

This month, SBI announced new partnerships with Ondo Finance and the Solana Foundation. The companies will work together on projects related to tokenisation and stablecoins.

As part of the partnership, the Solana Foundation will buy a stake in SBI R3 Japan. After the investment, the company will be renamed SBI Solana Global.

SBI also shared an update on its yen-backed stablecoin, JPYSC. At the moment, it can only be used within SBI VC Trade accounts.

Right now, JPYSC cannot be sent to external crypto wallets or used for money transfers and payments on public blockchain networks.

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