Securities Giant SBI Snaps up Controlling Stake in One of its Crypto Rivals, BITPoint

Source: Adobe/mehaniq41

The Japanese securities and banking giant SBI Holdings has made another key M&A move – and will snap up a controlling interest in BITPoint, one of the domestic rivals to its SBI VC Trade crypto trading platform.

Per Nikkei, BITPoint’s operator, the loyalty point provider Remixpoint, has stated that it will “form a capital and business alliance” with SBI in an attempt to “expand” its business through crypto “collaboration.”

This deal will involve SBI buying a 5% stake in Remixpoint and a controlling 51% stake of 65,484 shares for a sum of USD 98.6m. This will grant SBI “more than half of the total voting rights” at BITPoint. The report stated that BITPoint’s market value was estimated at over USD 193m. It noted that the deal also involves an earnout clause – a provision that would entitle Remixpoint to receive future compensation if BITPoint meets a number of financial goals.

SBI is one of four big-business players (the other three being the chat app operator Line, the e-commerce heavyweight Rakuten, and the Monex Group – another securities giant) in a business sector traditionally dominated by smaller startups.

However, stricter regulation has put many of the companies out of business, while others have been swallowed up by their rivals. Others still suffered security breaches that allowed larger companies to bail them out – on the provision that the operators sold controlling stakes to them.

SBI is yet to indicate whether it will later seek to merge BITPoint’s platform with its own SBI VC Trade operations. However, initially, it seems that in the short term at least, SBI will seek to operate the two platforms as separate entities – and says that it will seek to boost BITPoint’s liquidity via its own liquidity-providing subsidiary, B2C2. SBI snapped up the latter – a British firm – in a 2020 deal.

This is not SBI’s first major move in the M&A market – it has previously bought (and subsequently integrated) the TaoTao crypto trading platform from Yahoo Japan.

NEWS RELATED

Where To Buy Japanese Nintendo Switch eShop Credit

Here's how to get Japan-exclusive eShop games

View more: Where To Buy Japanese Nintendo Switch eShop Credit

Live A Live Remake Stream Unleashes Four New Trailers And Gameplay Footage

The Wild West, the Middle Ages, the Near Future, and Edo Japan

View more: Live A Live Remake Stream Unleashes Four New Trailers And Gameplay Footage

Bitcoin and Ethereum Consolidate, SAND and AAVE Accelerate

Bitcoin price is still holding the key USD 30,000 level. Ethereum remains above USD 2,000, XRP is consolidating above USD 0.40. SAND and AAVE are up around 11%. Bitcoin price remained well supported above the USD 30,000 level and even tested USD 30,500. It is currently (13:50 UTC) trading ...

View more: Bitcoin and Ethereum Consolidate, SAND and AAVE Accelerate

Tether Cuts 17% Of Its Commercial Paper Holdings Over Q1 2022

As per the official report published on May 18, Tether, the issuer of the world’s most used stablecoin, USDT, has cut 17% of its commercial paper holdings and increased United States Treasury bills with this reserve amount to back its stablecoin, USDT. Tether made the reduction over Q1 2022 ...

View more: Tether Cuts 17% Of Its Commercial Paper Holdings Over Q1 2022

Secret Service agents sent home from South Korea after drunken incident

Two Secret Service employees were shipped back to the US from South Korea this week following an alcohol-fueled confrontation with a local cab driver ahead of President Biden’s trip to the country, according to multiple reports. ABC News reported Friday that an agent and an armed physical security specialist ...

View more: Secret Service agents sent home from South Korea after drunken incident

Pacman Frog (PAC) Racking Up Massive Gains in Presales, as Near Protocol (NEAR) and Waves (WAVES) Receive Massive Upgrades

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists. Pacman Frog (PAC) has been impressing investors so far. With the cryptocurrency market currently at a USD 1.7 trillion market cap, many enthusiasts are looking  for emerging cryptos they can invest in for massive gains. ...

View more: Pacman Frog (PAC) Racking Up Massive Gains in Presales, as Near Protocol (NEAR) and Waves (WAVES) Receive Massive Upgrades

NFT Coins that Could Undergo a Parabolic Surge in 2022: Flow (FLOW) and Parody Coin (PARO)

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists. The excitement around a trend, of which there have been numerous in the cryptocurrency industry, has contributed to the increasing momentum of digital assets. ICOs, DeFi, meme coins, NFTs, and P2E, have all trended in ...

View more: NFT Coins that Could Undergo a Parabolic Surge in 2022: Flow (FLOW) and Parody Coin (PARO)

How To Spot a Trustworthy Crypto Casino

Crypto casinos are online casinos that use cryptocurrency as their primary means of payment. While traditional online casinos tend to focus on fiat currencies, crypto casinos offer a more decentralized approach that makes use of digital assets such as Bitcoin and Ethereum. Crypto & Bitcoin casinos have become increasingly ...

View more: How To Spot a Trustworthy Crypto Casino

Russian Crypto Regulation Can’t Be Delayed any Longer, Claims Top MP

Upcoming Crypto Regulations 'Need to Take Into Account' Terra Collapse: UK Financial Authority

How Blockchain is Finally Getting Africa on the Grid

Nissan & Mitsubishi present compact EV for Japan

WNBA Fans Criticize Coinbase Sponsorship Amid Market Crash

G7 Keeps Pushing for Crypto Regulation, Here's What's Already Happening

Binance Adds Support for Layer-2 Ethereum Scaling Solution Optimism

Terra Adds an Amendment to Do Kwon’s Revival Plan, Survey Reveals UST Losses

The $15,000 EV is here but only in Japan for now

Congress May 'Work More Quickly' on Stablecoin Regulations Amid UST Collapse: SEC Commissioner

Blocklike Panel |From Web2 to Web3: What does it take?

The Switch Has Now Outsold The 3DS In Japan

OTHER NEWS