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Ripple-partner SBI partners with ‘Japan’s MicroStrategy’ Metaplanet

Ripple-partner SBI partners with ‘Japan’s MicroStrategy’ Metaplanet

GrafaGrafa2024/09/03 01:45
By:Isaac Francis

SBI VC Trade, a subsidiary of Japanese banking giant and long-term Ripple (CRYPTO:XRP) partner SBI Group, has formed a strategic alliance with Metaplanet Inc., a Tokyo-based firm known as ‘Japan’s MicroStrategy’ for its significant Bitcoin (CRYPTO:BTC) investments.

Announced on September 2, 2024, the partnership aims to optimise Bitcoin transactions, custody, and management, specifically targeting corporate clients.

Metaplanet, which uses Bitcoin as a primary financial asset and a hedge against the depreciating Japanese yen, is committed to increasing shareholder value through sustained BTC accumulation.

As of August, the company held approximately 360.368 BTC.

The collaboration with SBI VC Trade will support Metaplanet’s corporate Bitcoin strategy, offering a compliant custody service focused on tax efficiency and the potential use of Bitcoin as collateral for financing.

SBI VC Trade provides a robust platform for cryptocurrency trading and advanced services designed for corporate clients, including leveraged trading and a market-aligned funding rate mechanism to replace traditional leverage fee structures in Japan.

One notable feature of this partnership is a tax exemption service for unrealised crypto gains, which is particularly beneficial for corporate clients, allowing them to maintain liquidity and reap potential rewards from staking without facing end-of-period mark-to-market taxes.

“This partnership reflects our commitment to offering a flexible and financially sound environment for managing crypto assets,” SBI stated.

Metaplanet added that the partnership aligns with its vision of modern financial services, enhancing its corporate strategy by adding flexibility to equity and debt financing.

The partnership also reinforces SBI’s broader commitment to the cryptocurrency sector, which includes its ongoing collaboration with Ripple through SBI Ripple Asia.

This initiative aims to leverage Ripple’s Blockchain technology to improve cross-border payment solutions across Asia, involving over 60 Japanese banks.

Yoshitaka Kitao, CEO of SBI Holdings, has been a strong advocate for the use of Ripple’s technology and XRP in their financial operations, reflecting SBI's continued expansion into digital assets.

At press time, the Bitcoin (BTC) price was $59,094.55.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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