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Ripple's Key Partner in Japan, SBI, Acquires Crypto Lender HashHub

Tue, 02/28/2023 - 12:26
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Gamza Khanzadaev
SBI goes into crypto lending business following this acquisition
Ripple's Key Partner in Japan, SBI, Acquires Crypto Lender HashHub
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Japanese financial conglomerate and Ripple's key partner in the region, SBI, has announced the acquisition of a 100% stake in crypto company HashHub. The company is active in crypto asset lending as well as research activities around the new digital economy, and blockchain in particular.

According to the announcement, SBI intends to convert HashHub into its consolidated subsidiary. Two goals are cited as key to the acquisition. The first is to add value to HashHub's research business, given the growing influx of corporate clients. The second goal is to achieve compliance and increase the security of the cryptocurrency lending service.

Ripple Will Definitely Lose Against SEC, Crypto Executive Says

With the acquisition of HashHub, SBI is adding to its already thick crypto portfolio. Currently, the Japanese financial giant operates a crypto exchange and wallet through SBI VC Trade, cryptocurrency exchange service Bitpoint Japan and NFT marketplace SBINFT.

SBI's ties with Ripple

At the same time, SBI remains Ripple's key and probably largest partner in Asia. Recall that the current head of the holding company, Yoshitaka Kitao, has been a member of the crypto company's board for some time.

XRP Benefits Program Extended by SBI Holdings Subsidiary

The entities themselves are regularly strengthening partnerships with each other. The most recent example was the formation of a new Japan-Thailand payment corridor with Ripple and SBI Remit in August last year.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.