The post Metaplanet Joins Hands With SBI Group For BTC Trading, Custody appeared first on Coinpedia Fintech News
Metaplanet Inc., the Japanese firm now recognized as Japan’s MicroStrategy, has announced a strategic partnership with SBI Group, a partner of Ripple Labs.
Metaplanet Inc. underscored that this collaboration is part of an ongoing effort to engage with leading industry stakeholders in Japan who support their corporate Bitcoin accumulation Strategy. Notably, a key element of this partnership is access to a compliant corporate custody service that prioritizes tax efficiency and offers the potential to utilize Bitcoin as collateral for financing.
Teaming Up For BTC Trading And Custody
The CEO of Metaplanet, Simon Gerovich, stated that the collaboration with SBI Group is initially for Bitcoin trading and custody. He added that it “aligns with our vision of a modern financial services provider and adds flexibility to our corporate strategy, complementing our ongoing efforts in equity and debt financing.”
Metaplanet also noted that any impact on financials or material events arising from the partnership will be notified accordingly. Notably, Metaplanet now owns 360.368 bitcoins acquired for 3.45 billion Japanese yen at an average price of 9,573,556 yen.
SBI Group Making Moves Towards BTC
SBI VC Trade emphasized that Metaplanet has focused on Bitcoin’s scarcity and non-political monetary policy, and has used Bitcoin as its main financial asset, accumulating Bitcoin through both debt and equity financing.
As Metaplanet continues to announce its “Bitcoin First, Bitcoin Only” strategy, the subsidiary of SBI Group has decided to advance Bitcoin trading, storage, and operation through this partnership.
Notably, in August, SBI Digital Community Co. Ltd. announced a new strategic partnership with Ripple Labs Inc. to promote the use of XRP Ledger within the Web3 community which aims to expand the use of XRP Ledger through SBI’s “Bto3” Web3 community focusing on increasing user interaction with blockchain and driving its adoption.
This partnership for Bitcoin trading, storage, and management will serve as a captivating development towards crypto adoption that will help facilitate future collaborations.
