SBI Holdings in Talks to Acquire Bitbank

SBI Holdings, a major Japanese financial services conglomerate, has entered negotiations to acquire shares in cryptocurrency exchange Bitbank, with plans to make it a consolidated subsidiary.

The company submitted a letter of intent and began discussions on a capital and business alliance, according to a statement from SBI Chairman and President Yoshitaka Kitao released on Friday. Kitao said the firm intends to proceed with the share acquisition after completing due diligence and internal approvals. Separate talks will address the timing and structure of the deal, though no financial terms have been disclosed.

Bitbank, founded in May 2014, operates one of Japan's leading crypto exchanges, offering spot trading in assets like bitcoin and ether. The platform has reported no hacking incidents since its inception, emphasizing security as a core feature. Earlier this week, Bitbank launched the EPOS Crypto Card in partnership with EPOS Card, a fintech arm of Marui Group. The card allows users to settle monthly credit card bills directly from their exchange balances in bitcoin or other cryptocurrencies, marking the first such service in Japan. It also provides 0.5 percent cashback in...