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.
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.
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.