SBI VC Trade, a subsidiary of Japan’s financial powerhouse SBI Holdings, has revealed new collaborations with DMM Bitcoin and Metaplanet.
SBI Holdings is a leader in internet banking in Japan and a global leader in blockchain technologies. As of March 2024, the company held more than $190 billion in total assets. DMM Bitcoin is a distressed Japan-based crypto exchange, while Metaplanet is renowned for its aggressive Bitcoin acquisitions this year.
Market observers pointed out that these partnerships reflect SBI’s commitment to expanding its influence in the blockchain sector.
Over the years, SBI Holdings has played a key role in Japan’s financial market, using its expertise to drive blockchain adoption across Asia. Through SBI VC Trade, the firm operates a crypto exchange platform that fosters innovation in financial services by forming impactful alliances and strategic investments.
Transfer of DMM assets
On Dec. 2, DMM Bitcoin, a crypto exchange impacted by a $305 million hack in May 2024, announced that it would cease operations by March 2025.
Before then, the company said it would transfer all user assets, including Japanese yen and cryptocurrencies, to SBI VC Trade. This agreement was finalized on Nov. 29.
The May hack, linked to North Korea’s Lazarus Group, led to strict platform restrictions, including suspending withdrawals and spot trading.
These measures severely affected user experience, prompting DMM Bitcoin to migrate its accounts and assets. However, the transfer will not include leveraged transaction positions and must be settled beforehand.
SBI VC Trade’s CEO, Tomohiko Kondo, highlighted plans to support 14 cryptocurrencies during this transition. He stated:
“We have reached a basic agreement to transfer DMM Bitcoin customer accounts and deposited assets to SBI VC Trade. There are 14 different types of cryptocurrencies available, and we are preparing to handle all of them through SBIVC.”
He added that both companies will finalize the asset transfer details, ensuring a smooth handover for affected users.
DMM Bitcoin’s exit marks a significant shift in Japan’s crypto landscape. However, the partnership with SBI VC Trade ensures the preservation of its users’ assets while introducing them to a more stable platform.
Metaplanet Bitcoin shareholder program
In a parallel development, Bitcoin-focused investment firm Metaplanet announced a shareholder benefit program in collaboration with SBI VC Trade.
Metaplanet CEO Simon Georvich said:
“A total of 30 million yen worth of Bitcoin will be given away to 2,350 shareholders by lottery, and 50 shareholders will each receive $BTC worth 100,000 yen.”
He added that the program aims to increase Bitcoin adoption in Japan by offering potential users the top digital asset for free.
Metaplanet has aggressively expanded its Bitcoin holdings throughout 2024, amassing 1,142 BTC valued at approximately $110 million. This makes it one of the largest Bitcoin holders in Asia.