Tokyo-based Metaplanet Bolsters Bitcoin Accumulation Strategy in Partnership with Ripple's Banking Partner SBI

Tokyo-based investment firm Metaplanet has announced a strategic partnership with Ripple's banking partner SBI as part of the company's ongoing effort to bolster its Bitcoin accumulation strategy.

Tokyo-based investment firm Metaplanet announced a strategic partnership with Ripple’s banking partner SBI as part of the company’s ongoing effort to bolster its Bitcoin accumulation strategy.

SBI Holdings first collaborated with Ripple in 2016 when the two companies announced their joint venture, SBI Ripple Asia. Since then, Ripple has tapped various SBI subsidiaries, including SBI Remit, which integrated XRP as a bridge within its Ripple crypto-enabled payment solution in 2021.

Now, Metaplanet has also joined forces with SBI, specifically SBI VC Trade, the crypto investment service of SBI Group. As part of the partnership, Metaplanet will gain access to a compliant corporate custody service for its Bitcoin holdings.

SBI VC Trade is registered as both a digital asset exchange entity and a Type 1 financial instrument business under Japan’s domestic laws and regulations.

According to Metaplanet, the compliance custody solution provided by SBI VC Trade will prioritize tax efficiency and offer the potential to leverage Bitcoin as collateral for financing.

In a separate statement, SBI VC Trade noted that it will support Metaplanet’s Bitcoin buying strategy by providing support in trading, storage, and operation services as part of the partnership.

As of August 20, Metaplanet’s Bitcoin holdings stood at 360.368 BTC, when the company acquired an additional $3.4 million of the original cryptocurrency.