SBI Holdings to set up blockchain-based digital stock exchange in Osaka

Ripple’s Japanese partner wants to lead financial innovation in the country.

SBI Holdings, Japanese financial giant and a major blockchain-focused institution, is reportedly planning to set up a blockchain-based digital stock exchange.

Yoshitaka Kitao, president and CEO at SBI Holdings, announced the company’s plans to collaborate with Osaka Prefecture to establish a new global financial hub.

The new international financial center is will purportedly be located in Osaka and Kobe, Nikkei reports on Sept. 2.

SBI is planning to launch a digital stock exchange based on blockchain technology. The exchange is expected to attract global fintech companies and contribute to the development of the financial hub.

Kitao emphasized that the establishment of the Osaka financial hub is the “last chance” for the city to “gain the status of an international financial center.”

The executive also said it is necessary to create new financial hubs in Japan, arguing that focusing just on Tokyo brings significant risks. Kitao said that SBI is ready to take the lead in establishing Osaka and Kobe as a new global financial center.

SBI Holdings has established itself as a major company embracing blockchain technology as well as crypto-related developments. SBI is known as a key partner of blockchain firm Ripple, which is building products on top of XRP, the fourth-largest cryptocurrency by market capitalization. The companies have been collaborating on multiple XRP-related projects in Asia since 2016.

On Aug. 31, SBI’s foreign exchange arm officially launched CFD trading for cryptocurrencies like Bitcoin (BTC), Ether (ETH) and XRP.