Key facts
- SBI Holdings acquired a majority stake in Singapore-based crypto exchange Coinhako.
- The deal was approved by the Monetary Authority of Singapore (MAS) on July 16.
- Coinhako will become a consolidated subsidiary of SBI Holdings.
- SBI aims to expand its digital asset strategy in the Asia-Pacific region.
- SBI also recently acquired the BitBank exchange.
- SBI Holdings partnered with Ondo Finance to boost the expansion of its JPYSC stablecoin.
SBI Holdings, a significant partner of Ripple in Japan, has acquired a majority stake in the Singapore-based cryptocurrency exchange Coinhako. The deal, which closed on July 16 after approval from the Monetary Authority of Singapore (MAS), will see Coinhako become a consolidated subsidiary of SBI Holdings.
SBI's investment was made through SBI Ventures Asset Pte. Ltd. and involved both a capital injection and the purchase of shares from existing investors. Coinhako, an early entrant in Singapore's crypto scene, operates under a Major Payment Institution license from the MAS. The group also includes Alpha Hako Ltd., a licensed crypto asset service provider in the British Virgin Islands.
SBI stated that Singapore will remain a vital hub for its digital asset strategy, with plans to scale operations across the Asia-Pacific region. The company is also collaborating with Startale to develop advanced OCF solutions, including the launch of Japan's first trust-type yen-backed stablecoin, JPYSC.
This acquisition is expected to merge Coinhako's customer base and regional network with SBI's extensive financial services and global reach. The move aims to strengthen digital asset corridors between Japan and Southeast Asia, while exploring opportunities in tokenization, stablecoins, cross-border trading, and on-chain finance. SBI Holdings had previously acquired the BitBank exchange.
SBI Holdings Chairman and President Yoshitaka Kitao expressed the group's ambition to create a global digital asset corridor, enabling seamless international investments. He highlighted Singapore's advanced regulatory environment as crucial for this strategy. Coinhako Co-founder and CEO Yusho Liu described the integration into SBI Group as a natural progression for Coinhako's growth. The partnership will also involve integrating SBI's JPYSC stablecoin, building on SBI's recent collaboration with Ondo Finance to promote the yen-backed stablecoin.