Less than two weeks after Kraken revealed that they were acquiring North American exchanges Coinsetter and Cavirtex, the global bitcoin exchange just announced a multi-million dollar agreement with SBI Investment to invest in and lead the Series B round of financing in Kraken. SBI Investment is the venture capital arm of SBI Holdings, a Japanese internet-based financial conglomerate. The terms of the deal were not disclosed at this time.
SBI Holdings, the parent company of SBI Investment, generated operating revenues of ¥245 billion in 2015, or over $2 billion dollars, including an operating income of ¥68.2 billion or approximately $570 million. The SBI Group consists of 208 companies (as of September 2015) operating in approximately 20 countries and regions, in sectors including financial services, asset management and biotechnology.
“We knew that we wanted to invest in Bitcoin and the blockchain. We wanted a company that would be a wise strategic investment,” commented SBI Holdings CEO Yoshitaka Kitao. “Kraken has been a leading global bitcoin exchange for years. They have grown tremendously during that time while building a strong reputation as one of the most innovative, secure, compliant, and reliable companies in this emerging financial services area. Kraken was the clear choice.”
Boosting Profits in Low FX VolatilityGo to article >>
Kraken CEO Jesse Powell said: “SBI’s investment means a lot to us. We’re proud to have such a strong strategic partner leading our round. It’s a fantastic first step toward completing Series B, which will ultimately enable us to scale our business worldwide. Kraken will be prepared to meet the fast-increasing demands of an emerging ecosystem of blockchain-enabled assets.”