SBI Holdings, a Japanese banking giant, is helping a crypto mobile wallet to expand its international reach by pumping in 15 million U.S dollars.
Through its subsidiary, SBI Crypto Investment, SBI Holdings has been the major investor in BRD’s, a crypto mobile wallet, Series B funding round which saw the crypto mobile wallet raise 15 million U.S dollars. As noted by Markets Insider, the funds will be used by BRD to cement its presence not only in Japan but also across Asia.
Adam Traidman, CEO and Co-founder, BRD, said that SBI’s investment into the crypto mobile wallet shows:
Incredible support for the foundation that we have built in North America and reinforces our proven ability to scale the success we have achieved in the past 4 years. The new investment will ensure our long-term global growth, and we are incredibly excited about collaborating with SBI as a strategic investor and business partner to make that happen.
BRD will be seeking to add to the already existing 170 countries in which it has a presence. The crypto mobile wallet has also recorded close to 2 million downloads. 2018 was a record year for the crypto mobile wallet as it recorded close to four hundred thousand new users in the last quarter of the year.
According to SBI’s CEO, Yoshitaka Kitao, the Japanese banking giant is on a journey to invest in companies developing crypto or blockchain products.
Kitao continued to note that SBI’s partnership with the crypto mobile wallet is meant to:
Accelerate our development of financial services utilizing blockchain / DLT, leading to
fintechservices that are highly beneficial and efficient for our customers.
Just this week, SBI Holdings also invested in Tangem, a Swiss-based crypto firm, which looks to manufacture a cryptocurrency wallet embedded in a smart card.
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