- Ripple’s major partner in Japan, SBI, announced the acquisition of crypto lender company HashHub.
- Following the acquisition, SBI will directly enter into the crypto lending business.
- SBI plans to transform HashHub into its consolidated subsidiary.
Tokyo-based financial services company and Ripple’s major partner in Japan, SBI, has announced the acquisition of the crypto lender company HashHub. In detail, SBI Japan has declared the acquisition of a 100% stake in HashHub.
Interestingly, following the acquisition, SBI would directly step into the crypto lending business. Along with digital asset lending, HashHub is also famous in the new digital economy and blockchain-based research sectors.
According to SBI’s latest announcement, SBI has planned to transform HashHub into its most treasured consolidated subsidiary. Additionally, the key to the acquisition of HashHub has revolved around two major goals.
The recent announcement stated “adding value to HashHub’s research business” in the wake of the increasing inflow of cooperating clients as the first goal of the acquisition. Secondly, the acquisition aimed at enlarging and expanding the security of the cryptocurrency lending service. The second goal also included SBI’s intention to accomplish compliance.
As per the announcement, the acquisition of HashHub could add more value to the already rich crypto portfolio. Notably, in Japan, crypto exchange and wallet have been currently operated by the financial giant of Japan via cryptocurrency exchange service Bitpoint Japan, SBI VC Trade, and NFT marketplace SBINFT.
Moreover, in Asia, SBI could continue to remain Ripple’s major and biggest partner through the acquisition of HashHub.Furthermore, both entities could also strengthen the partnership. A recent instance of a similar occurrence might be the development of a brand new Japan-Thailand payment corridor with Ripple and SBI Remit, which happened in August 2022.