SBI Holdings Acquires Coinhako Parent Holdbuild to Expand in Southeast Asia
JOON HYOUNG LEE
Summary
- Japan's financial group SBI Holdings acquired Holdbuild, the parent company of Singapore cryptocurrency exchange Coinhako, securing management control.
- The deal makes Coinhako a consolidated subsidiary of SBI Holdings, and the purchase price was not disclosed.
- The acquisition is part of SBI Holdings' strategy to expand its cryptocurrency business in Southeast Asia, and Coinhako affiliate Hako Technology holds a Major Payment Institution license from the Monetary Authority of Singapore.
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Japan's SBI Holdings has acquired Holdbuild, the parent company of Singapore cryptocurrency exchange Coinhako.
Wu Blockchain and other outlets reported on July 17 that SBI Holdings received approval from the Monetary Authority of Singapore on July 16 for the acquisition of Holdbuild.
The stake purchase gives SBI Holdings management control of Holdbuild, making Coinhako a consolidated subsidiary of SBI Holdings. The deal value was not disclosed.
The acquisition is part of SBI Holdings' strategy to expand its cryptocurrency business in Southeast Asia. Hako Technology, a Coinhako affiliate, holds a Major Payment Institution license from the Monetary Authority of Singapore.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul