Japanese banking and securities giant SBI Holdings will purchase a controlling interest in BITPoint Japan, which is a crypto trading platform and the domestic rival of SBI VC Trade, according to a local news media report.
SBI will reportedly purchase a 51% stake of BITpoint from Remixpoint for a hefty amount of $98.6 million. BITPoint’s market value was totalled approximately at more than $193 million, as per the report.
Remixpoint stated that it will “form a capital and business alliance” with SBI in order to grow its business via crypto collaboration and SBI will also take hold of a 5% stake in Remixpoint.
The report revealed that the deal includes a facility that would enable Remixpoint to get future compensation if BITPoint meets a number of financial goals.