Key Points
- SBI VC Trade collaborates with Metaplanet Inc for better Bitcoin management and trading.
- The partnership is expected to bring significant improvements to Japan’s cryptocurrency industry.
Japanese cryptocurrency exchange, SBI VC Trade, has teamed up with Metaplanet Inc, a company listed on the Tokyo Stock Exchange.
This collaboration is aimed at enhancing Bitcoin trading, storage, and management on SBI’s platform.
Aligning with Web3 Missions
SBI sees this partnership as a chance to progress with its corporate Bitcoin savings strategy.
By collaborating with influential industry participants like Metaplanet, SBI can better fulfill its core objectives.
These include supporting Web3-related businesses and enhancing its services for corporate clients via its SBIVC for Prime platform.
SBI Chairman Yoshitaka Kitao recently spoke at the WebX2024 international conference about SBI’s efforts in the Web3 area.
He mentioned another partnership with blockchain firm Oasys, focusing on gaming.
Kitao stated that these initiatives are part of SBI’s wider strategy to lead in the emerging Web3 space.
Metaplanet’s Bitcoin Investments
Metaplanet has made a name for itself in the Bitcoin investment sector, recently designating Bitcoin as its primary financial asset.
The company has been steadily expanding its Bitcoin portfolio through a mix of debt and equity financing, currently holding around 360 BTC.
In August, Metaplanet secured a 1 billion Japanese yen loan (approximately $6.8 million) at a remarkably low annual percentage rate of 0.1%.
The loan is intended to further increase its Bitcoin holdings.
The partnership is also beneficial for Metaplanet in several ways.
Firstly, it has the support of the SBI Group, a subsidiary of SBI Holdings.
This backing provides Metaplanet with a certain level of security, especially considering the volatility of the cryptocurrency market.
The partnership also includes leveraged trading secured by crypto assets, offering Metaplanet more flexibility and potentially higher returns on its Bitcoin investments.
Additionally, the collaboration brings an exemption from the application of end-of-period mark-to-market tax, usually granted to companies managing large crypto portfolios.
This partnership between SBI VC Trade and Metaplanet is expected to have a significant impact on Japan’s entire crypto ecosystem.
