Following The Partnership with Ripple SBI Holdings Invests in Kraken
Japanese venture capital firm SBI stated it would invest in bitcoin exchange Kraken, Reuters report.
The deal is a part of Kraken‘s Series B investment round, and follows its recent merger with two North American bitcoin exchanges, Coinsetter and Carvitex. The terms of the investment, however, are kept undisclosed.
Jesse Powell, CEO at Kraken stated:
“SBI’s investment means a lot to us. We’re proud to have such a strong strategic partner leading our round. It’s a fantastic first step toward completing Series B, which will ultimately enable us to scale our business worldwide. Kraken will be prepared to meet the fast-increasing demands of an emerging ecosystem of blockchain-enabled assets.”
SBI Investment is the investment wing of SBI Holdings, a major Japanese financial conglomerate handling the operating income of around $570 million with operating revenue in excess of $2 billion in 2015 alone.
Yoshitaka Kitao, CEO at SBI Holdings, stated:
“We knew that we wanted to invest in Bitcoin and the blockchain. We wanted a company that would be a wise strategic investment. Kraken has been a leading global bitcoin exchange for years. They have grown tremendously during that time while building a strong reputation as one of the most innovative, secure, compliant, and reliable companies in this emerging financial services area. Kraken was the clear choice.”
Kraken managed to receive over $6.5 million over two previous investment rounds. The exchange is also known as the assigned trustee in the aftermath of Mt.Gox downfall in 2014.
Notably, it is not the first instance when SBI Holdings invests in digital currency-related projects. Just this past week, SBI Holdings partnered with Ripple to establish SBI Ripple Asia, a company set for distrubution of Ripple’s enterprise solutions across South Asian countries, including Japan, China, Taiwan, South Korea, and ASEAN countries. The solutions in question are intended for international bank transactions within the region.
“Surveying the market, Ripple was the only company that has delivered battle-tested enterprise solutions and global bank customer traction, including commercial deals with top banks already signed in Asia Pacific. Distributed financial technology is undoubtedly transforming financial infrastructure and we’re excited to drive its adoption throughout Asia,” Yoshitaka Kitao said back then.
Following the news on partnership between SBI and Ripple, XRP exchange rate has increased by 8.4% in a single day.
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