Metaplanet known as Japan's MicroStrategy has teamed with Ripple-partner SBI for Bitcoin trading, custody, and management.
Metaplanet Inc., now called as Japan’s MicroStrategy, has announced a strategic partnership with SBI Group, a partner of crypto payments leader Ripple Labs on Monday. SBI VC Trade and Metaplanet begin the partnership with Bitcoin trading, custody and management. This move marks a fascinating development toward huge crypto adoption and interconnected collaborations in the future.
Metaplanet Partners SBI VC Trade For Bitcoin Strategy
On September 2, Japan-based Metaplanet announced a strategic partnership with SBI VC Trade, a subsidiary of Japanese financial services giant SBI Group.
The companies disclosed that the collaboration is part of the effort to engage with leading industry stakeholders in Japan to support corporate Bitcoin accumulation strategy. Japanese MicroStrategy added that the partnership will allow the firm access to a compliant corporate custody service, prioritizing tax efficiency and the potential to use Bitcoin as collateral for further financing.
Simon Gerovich, CEO of Metaplanet, said the collaboration with SBI Group is initially for Bitcoin trading and custody. He added that it “aligns with our vision of a modern financial services provider and adds flexibility to our corporate strategy, complementing our ongoing efforts in equity and debt financing.”
The company will also subsequently announce the impact on financials or material events arising from this partnership. As CoinGape reported earlier, Metaplanet now holds 360.368 bitcoins acquired for 3.45 billion Japanese yen at an average price of 9,573,556 yen.
How Ripple and SBI Partnership Benefits the Firm?
SBI Group continues to expand its presence in the crypto industry, with Ripple and other partners. Both companies have collaborated for supply chain, new remittance corridors, and mobile payment applications. The financial giant also plans to put Ripple and XRP in the spotlight at the 2025 World Expo.
In mid-August, SBI Digital Community partnered with Ripple to boost XRP adoption and issue NFTs on XRP Ledger. The company operates a validator node on the XRP Ledger.
The partnership between Metaplanet and SBI Group will boost Bitcoin landscape and adoption in Japan. It will also help bring further collaborations between firms and their partners.
BTC price is currently trading at $57,807, down 0.60% in the last 24 hours. Bitcoin price broke below the key support level today. However, the trading volume has increased by 77% in the last 24 hours, indicating a massive rise in interest among traders.
