Japan’s Top FinTech Firm Invests In Singapore’s Largest Crypto Exchange
One of Japan’s top FinTech firms, SBI holdings, has confirmed that it now holds a controlling interest in one of Singapore’s largest crypto exchanges, Coinhako. Swiss bank (Sygnum bank) was the financial institution that oversaw the financial aspects of the transaction.
Why Choose Coinhako?
The Singapore crypto exchange’s retail trading volume and customer base are the highest among other crypto exchanges in the city-state. It is no wonder SBI holdings saw an investment in the exchange as an opportunity to expand its brand beyond Japanese shores. The SBI group also announced that Coinhako would benefit from its global connections in developing the product offerings for the exchange.
Part of the announcement from SBI states that “our group’s vast experience in various financial fields and our partnership with Sygnum banking group will enable us to grow Coinhako’s product offerings through our international connection. We are bringing Sygnum bank on board because they also provided part of the funds for this investment. More importantly, they will assist our goal of providing finance-related enterprise solutions outside Singapore to other parts of Asia and Europe.”
Singapore’s Crypto Adoption Growth
There has been a rapid growth in Singaporeans’ interests in the fast-rising digital asset industry in recent times. However, the nations’ financial watchdog developed rigid policies to prevent fraudulent usage of these assets for financial settlements. Also, the regulator created strict guidelines for VASPs and ensured that these companies implement them to ascertain investor protection.
These harsh measures for VASPs might explain Binance’s withdrawal to start operating in the South Asia nation. The SBI also noted that “the recent rise in the adoption of crypto across several nations has prompted the need for several nations to develop crypto-related guidelines in an emergency way. Hence, we will ensure that our investments comply with the statutory crypto guidelines even as we seek a viable crypto-related investment.”
Bitstamp To List SHIB Next Year
Speaking of growth for crypto exchanges, Europe’s largest crypto exchange, BitStamp, has eventually confirmed a date it will list SHIB tokens. On Wednesday, a tweet from the exchange stated that the listing would happen next year. However, the tweet didn’t specify which quarter the listing would take place. The listing was supposed to have occurred last week, but the exchange disclosed that it experienced some technical difficulties and couldn’t list the meme token on that day.
Now that the exchange has made this pronouncement, the SHIB army will no longer need to worry about whether the listing will still occur this year. However, the SHIB community can take solace because other top European exchanges (such as Kraken and Gemini) have listed their tokens.
Recently, a top Spanish-based crypto exchange, Bit2Me, announced that it will list the hottest token right now on its exchange by December 21, 2021. The token is already available to the Dutch and Austrian crypto audiences. It has been listed by Bitvavo and Bitpanda Pro (the two leading crypto exchanges in the Netherlands and Austria, respectively).
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