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SBI Digital Asset Holdings has announced it is entering into a joint crypto venture with SIX digital exchange (SDX). SBI Digital Asset Holdings is a fully owned subsidiary of SBI Holdings, a leading banking giant.
The firm announced that this joint venture firm would be based in Singapore, and it would be made possible through a crypto issuance company.
SBI Holdings setting up a crypto joint venture in Singapore
The announcement noted that the joint venture would be based in Singapore. Moreover, SBI Holdings will be a regional liquidity hub for institutional investors.
The CEO of SBO Holdings, Yoshitaka Kitao, spoke of this development, stating, “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 with Osaka, this venture will establish a powerful institutional corridor between Europe and Asia.”
The Asia-Pacific region has been experiencing a growing demand for crypto assets. The recent partnership between SBI and SIX banks will tap into this growing demand, and it will cater for the services needed by institutional investors regulated in Singapore.
The joint venture is expected to formalize its operations by the end of this year. The firm has also noted that by the beginning of 2022, it will start offering services through this new firm once it receives the green light from the Monetary Authority of Singapore (MAS).
Offer a broad selection of digital assets
The announcement further states that this new venture will support a variety of digital asset products and services. These will be available in tokenized securities and will include digital bonds, digital equities and digital securitized loans.
While SIX is yet to issue an official statement regarding the joint venture, the chairman of SDX has stated that SBI is a natural partner for the joint venture because of their level of expertise in the institutional digital asset market and their dominance in the Asian region.
Moreover, Singapore is an ideal location, given that it is now a major crypto hub. Leading exchanges such as Binance, Coinbase, Huobi, FTX and others seek to establish physical locations in Singapore.
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