Japanese securities and bank giants SBI Holdings Another key M&A activity – and raises the need for control. BITpointIs one of the domestic rivals. SBI VC Business crypto trading platform.
At Nikkei, BITPoint Operator, Loyalty Point Provider. Remyx pointHe said the crypto “partnership” would create “capital and business cooperation” with SBI to “expand” its business.
The deal includes SBI’s acquisition of 5% of Remixpoint and 51% of 65,484 shares of $ 98.6m. This gives SBI “more than half of the total voting rights” on BITPoint. The market value of BITPoint is estimated at over $ 193 million, according to the report. He also noted that the agreement includes an income clause – if BITPoint meets a number of financial goals, Remixpoint is a provision that entitles him to future compensation.
SBI is one of four big-business players (the other three are chat application operators. LineE-commerce heavy weight RakutonAnd Monex Group – Another security giant) which is usually controlled by small startups in the business sector.
But strict regulations have left many companies out of business, while others have been swallowed up by their rivals. Others are still faced with security breaches that allow large companies to have securities – as the operators sell control shares.
SBI has not yet announced whether it intends to integrate the BITPoint platform into its own SBI VC business. However, at first, at least in the short term, SBI seems to want to move the two platforms as a separate entity – and says it wants to increase the flow of BITPoint through its own fluidity sub-organization. B2C2. SBI has taken the latter – a British company – into the 2020 deal.
This SBI is not the first big step in the M&A market – it has already bought (and then merged) Taotao crypto trading platform from Yahoo Japan.
Remixpoint is also involved in the electricity business and said the two companies want to jointly develop renewable energy sources. SBI is not currently active in the energy sector, but operates a crypto mining branch.
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