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Metaplanet has joined up with SBI VC Trade to provide Bitcoin custody services.
The Japanese investment adviser's partnership with SBI is part of its "Bitcoin First, Bitcoin Only" strategy, through which it has accumulated 360 BTC. Now partnering with SBI VC Trade, a unit of Tokyo-based SBI Holdings, Metaplanet plans to offer access to a compliant corporate custody service.
"This collaboration is part of our ongoing effort to engage with leading industry stakeholders in Japan who support our corporate Bitcoin accumulation strategy," Metaplanet said in an announcement.
Metaplanet explained that the partnership will prioritize tax efficiency and offer the potential to use Bitcoin as collateral for financing,
SBI VC Trade is SBI Holdings' crypto exchange and is regulated by Japan's Financial Services Agency.
"This aligns with our vision of a modern financial service provider and adds flexibility to our corporate strategy, complementing our ongoing efforts in equity and debt financing," Metaplanet said.
Metaplanet announced in May that it would adopt Bitcoin as a reserve asset as a hedge against the Yen's volatility.
In July, SBI Holdings teamed up with Franklin Templeton to bring Bitcoin ETFs to Japan by establishing a digital asset management company there.
SBI will hold a 51% stake in the new company and Franklin Templeton will hold the remaining 49%.
Blockhead
Metaplanet's stock price is up more than 620% year to date but is down more than 27% over the past five days.
