Japanese financial services firm Daiko acquires controlling stake in crypto exchange Bitgate
Thu, 30 Jan 2020, 07:56 am UTC
Daiko Holdings, a Japan-based financial services firm, has acquired a controlling stake in Bitgate, a cryptocurrency exchange operated by SNC, Crypto News reported.
According to the details, SNC has transferred 58.1% of its 100% stake in Bitgate to Daiko Holdings and will retain a minority 41.9% stake in the exchange. With this, Bitgate has become an official subsidiary of the Daiko Holdings Group.
In addition, two senior executives at Daiko have joined Bitgate’s board of directors, along with the CEO of SNC.
Founded in 2008, Tokyo-headquartered Daiko Holdings Group operates a broad range of financial and brokerage services, along with marketing, hardware and rental car businesses. The company recently launched crowdfunding subsidiary, called Daiko Advanced.
Established in 2017, Bitgate was one of the first platforms to obtain a license from the Financial Services Agency (FSA), Japan’s financial regulator. The exchange exclusively handles bitcoin (BTC).
Japanese firms entering crypto space
Daiko is the latest to join the roster of Japanese financial services firms that have made inroads into the crypto sector.
This includes SBI Holdings that launched its own cryptocurrency exchange, VCTRADE, in March 2019. The financial services giant also signed a contract with enterprise software firm R3 to establish a joint venture company. In addition, its joint venture with blockchain startup Ripple, called SBI Ripple Asia, received a payments license in September 2018 to launch blockchain-based MoneyTap app.
Online brokerage firm Monex Group entered the crypto scene with the acquisition of cryptocurrency exchange Coincheck in 2018.
Fisco, a provider of investment advisory services, acquired Zaif cryptocurrency exchange in Nov. 2018. Prior to the acquisition, the company had already launched its own crypto trading platform. In a recent announcement last year, Fisco said that it will integrate the two exchanges it operates – the FISCO virtual currency exchange and the Zaif Exchange – into one exchange in order to enable efficient operation of the cryptocurrency exchange business.
In addition, e-commerce giant Rakuten has also launched its own cryptocurrency exchange, Rakuten Wallet, in April 2019. Messaging app firm LINE launched its first crypto exchange, BITBOX, in July 2018 in Singapore. LINE’s subsidiary LVC Corporation obtained a license to operate a cryptocurrency exchange in Japan last year and launched Bitmax in September.
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