PANews May 1 news, according to The Block, Japan's financial group SBI Holdings is negotiating equity acquisition with the cryptocurrency exchange Bitbank, planning to incorporate it into its merged subsidiary system to strengthen its layout in the Japanese cryptocurrency market.

SBI's Chairman and President Yoshitaka Kitao stated that the company has submitted a letter of intent for acquisition and officially initiated discussions on capital and business cooperation with Bitbank. The share acquisition will be advanced after the completion of due diligence and internal approval procedures, while the specific transaction structure and timetable are still under further negotiation.

Bitbank is one of Japan's major cryptocurrency trading platforms, and since its establishment in 2014, it has not experienced any significant hacking incidents, focusing on security and compliance capabilities. As cryptocurrency assets are gradually incorporated into the regulatory framework of the Financial Instruments and Exchange Act, SBI believes that acquiring Bitbank will help further consolidate its competitive position in the Japanese cryptocurrency market.

This acquisition negotiation also continues SBI's strategic promotion of integrating cryptocurrency businesses. The group recently merged Bitpoint Japan into its SBI VC Trade to enhance operational efficiency and profitability. Additionally, Bitbank has recently launched Japan's first credit card that supports cryptocurrency asset payments, allowing users to spend based on their account holdings using Bitcoin and other assets and receive up to 0.5% cryptocurrency cashback.

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