Why SBI is buying Bitbank, and why Korean banks are piling into crypto exchanges
Summary
SBI Holdings plans to acquire Japanese crypto exchange Bitbank for ¥46.7 billion and make it a wholly owned subsidiary. The combined exchange business would rank first in Japan by custody assets and serve nearly 2.92 million accounts. SBI says the move is aimed less at trading volume and more at future digital-asset opportunities such as stablecoins and on-chain finance. The article also points to a broader trend in Korea, where banks are buying into crypto exchanges ahead of expected stablecoin legislation.
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