SBI Holdings gobbles up Coinhako, plants its flag in Singapore 🇸🇬

SBI Holdings, a longstanding partner of Ripple in Japan, has acquired a majority stake in Singapore-based cryptocurrency exchange Coinhako, with the transaction closing on July 16 following approval from the Monetary Authority of Singapore. With the acquisition complete, Coinhako will operate as a consolidated subsidiary of SBI Holdings. The investment was executed through SBI Ventures Asset Pte. Ltd. and involved a capital injection into Coinhako alongside the purchase of shares from existing investors.

Coinhako is operated by Hako Technology Pte. Ltd. and holds a Major Payment Institution license from the Monetary Authority of Singapore. The group also includes Alpha Hako Ltd., a cryptocurrency asset service provider regulated by the Financial Services Commission of the British Virgin Islands. SBI Holdings stated that Singapore will remain a key venue for its digital asset strategy as it expands operations across the Asia-Pacific region.

The deal is intended to combine Coinhako's customer base and regional network with SBI's broader financial services platform. SBI is also working with Startale on next-generation OCF infrastructure, a project that includes the launch of JPYSC, described as Japan's first trust-type yen-backed stablecoin. The acquisition extends SBI's footprint beyond its home market and adds a regulated Singaporean exchange to its portfolio, while Coinhako gains the backing of a major Japanese financial group with deep ties to Ripple's payments network.