SBI Holdings, a Japan-based financial services group, announced Monday that its new venture capital fund has made its first investment in Holdbuild, which operates Singapore’s largest cryptocurrency exchange Coinhako.
The investment was a joint initiative between SBI Ventures Singapore, a subsidiary of SBI Holdings in Singapore, and SBI’s new venture fund “SBI-Sygnum-Azimut Digital Asset Opportunity Fund”. The financial terms of the deal were not disclosed.
Coinhako is Singapore’s largest crypto exchange by trading volume and number of active users in retail crypto trading. In November, it was the first cryptocurrency exchange in Singapore to receive approval from the Monetary Authority of Singapore, the country’s financial authority, for handling digital currencies.
The exchange plans to expand its business in South-East Asia and grow its team. It has also accelerated its motives to develop a wider customer base in Singapore with its new product offering Coinhako Privé, which offers exclusive services to institutional and high-net-worth investors.
SBI-Sygnum-Azimut Digital Asset Opportunity Fund is a new venture fund jointly managed by SBI Group’s SBI Ven Capital and Sygnum. The fund plans to make a venture investment focusing on enterprise solutions related to Distributed Ledger Technology.
Director of the fund, Alice Mak, said:
“We are excited to have Coinhako as the first investment of the DAO fund. As we continue to invest in top digital asset companies, the fund will provide them with a platform to accelerate their growth by leveraging the strength of our existing network and the future network of the fund’s portfolio.”