The latest deal in the blockchain space will combine old-school finance with next-gen gaming.
SBI backs Oasys
SBI Holdings Inc., founded in 1999, is considered one of the largest financial conglomerates in Japan. It specializes in traditional finance (also known as tradfi), including asset management and venture capital.
In recent years, the company has started integrating blockchain technology into its services. It even developed its own cryptocurrency exchange platform called SBI VC Trade.
Starting August 29, a new segment will be added to its portfolio through a partnership with the Oasys Blockchain network: games.
The Tokyo-based company invested an undisclosed amount in Oasys, promising to enhance “synergies” with gaming tokens on the blockchain.
“Since its inception, [Oasys] “It has included several major and globally recognized game development companies as initial validators,” said SBI CEO Yoshitaka Kitao. saying in a blog post confirming the deal.
Earlier in the year, SBI and Oasys had partnered on an NFT initiative. But it’s worth noting that NFTs, or non-fungible tokens, are plummeting in value.
On the contrary, Oasys shows more potential by venturing into video game companies. After all, Red Oasys He is affiliated with well-known names such as Sega and Ubisoft.
In February, Oasys associated with Com2uS to integrate several gaming franchises, including ‘Summoners War: Chronicle’ and ‘The Walking Dead: All Stars’, into its network.
Since 2021, Singapore-based Oasys has raised around $20 million in three funding rounds.
In addition to SBI, Hyperithm, a Tokyo and Seoul-based digital asset financial services provider backed by Coinbase, Samsung, Kakao and Hashed, also invested an undisclosed amount.
Tradfi’s new territory
This is not the first time that SBI has expressed interest in digital tokens or blockchain technology.
In 2016, SBI created a new company called SBI Ripple in Asiawhich expanded the use of Ripple (XRP) products in China, Korea, Japan, and Taiwan. He was also part of the consortium that launched the R3 blockchain initiative.
And SBI is just one of several old-school financial firms that are making inroads into this burgeoning sector.
JPMorgan Chase remains committed to expanding its Onyx segment, hoping to further integrate blockchain technology into traditional financial services. And BlackRock, along with Fidelity, has begun offering cryptocurrency exposure to its clients, including digital asset funds and Bitcoin ETFs.
These moves reflect a broader trend of institutional adoption, driven by the belief that blockchain can improve transparency, security and efficiency in financial services.
However, SBI’s investment in Oasys is unique because gaming plays a prominent role in the partnership.
According to Deloitte’s 2024 Banking Outlook report, blockchain-based, fiat-backed stablecoins are “entering the world of consumer payments.”
As traditional finance continues to merge with the world of cryptocurrencies and blockchain, the line between traditional and digital finance becomes increasingly blurred, paving the way for a more interconnected and innovative financial system.
By investing in Oasys, SBI Holdings is apparently looking to stay ahead of the curve.
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