SBI Invests in Singapore Crypto Exchange Coinhako

SBI Holdings, a Tokyo-based financial services giant, announced a joint venture with Coinhako, Singapore’s first licensed crypto exchange. The crypto exchange was approved by the Monetary Authority of Singapore (MAS) just a month before the joint venture announcement.

Coinhako’s investments are made through a fund jointly launched by SBI and Switzerland-based Sygnum Bank, the SBI-Sygnum-Azimut Digital Asset Opportunity (DAO).

Coinhako is the first digital asset exchange in Singapore to receive in-principle approval from MAS to offer digital payment tokens (DPT), the same license that Binance withdrew on Dec. 13.

Using SBI’s existing funding and international network, Coinhako plans to expand its business from Singapore to other Southeast Asian countries.

According to SBI, the funds will be jointly managed by the parties involved. The main focus is on financial market infrastructure and distributed ledger technology.

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