SBI Group Acquires Bitbank, Becomes Japan's Largest Crypto Exchange Group

SBI Group, one of Japan's most active companies in the crypto space, has emerged as Japan's largest crypto exchange group after acquiring Bitbank for approximately $289 million. The acquisition will bring SBI's total user accounts to around 2.92 million and custodial assets to roughly $6.8 billion.

The acquisition is part of SBI's expansion in the Web3 space, which includes a partnership with Ripple that began in 2016. Through this partnership, SBI has been expanding its blockchain-based cross-border payment network to various countries in Asia.

SBI has also been building its presence in the crypto market through acquisitions and investments. In addition to Bitbank, the company has acquired DMM Bitcoin, BITPoint Japan, and is exploring new businesses such as crypto investment trusts, blockchain bond issuance, and crypto payment cards.