SBI holdings invests in cryptocurrency exchange, Coinhako. The investment is special because the exchange here is the first one approved by the Monetary Authority of Singapore. It is also important to note that the investment was not made just by SBI holdings. They partnered up with the Switzerland bank, Sygnum, and invested in the crypto exchange. This investment will solidify SBI Holdings as an important player in the crypto space. As an investment company, their investment in exchange shows belief in the future of crypto.
The approval of the exchange
The Monetary Authority of Singapore’s approach to approving crypto exchanges and regulation is very simple. The idea is to make sure that the innovation in the space doesn’t stop and there are enough laws and regulations in place to minimize risks of money laundering and terrorism. Coinhako has followed all the guidelines given by the authorities and hence has been approved.
It is important to note that Binance who applied for the same approval/license withdrew its application. The authorities have said those who seem fit can withdraw their applications and will be required to cease operating. Binance has said that they have planned how to stop their operations orderly.
Coinhako was founded in 2014 and is based in Singapore. The idea back then was to provide a platform to users that will give easy access to Bitcoin. And with time, the platform has expanded to a lot of other coins and tokens. They also have plans to expand their operations in other Asian countries. The investment that SBI Holdings and Sygnum Bank have made in Coinhako will be a big help to get them to expand their business.
What are your thoughts as SBI holdings invests in cryptocurrency exchange, Coinhako in collaboration with Sygnum Bank? And do you think this will help them make a name in the crypto space? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.