thecryptobasic.com
Ripple Labs’ ally, SBI Group, and state-owned energy giant Saudi Aramco have entered into a strategic partnership to explore a joint digital asset investment initiative.
The news has reverberated into the financial world, triggering positive trends for the crypto ecosystem. The partnership could benefit the crypto and blockchain scene.
As a major Ripple partner, SBI Group has a sizable interest in many of the big movers in the crypto world. With the recent partnership, Saudi Aramco might leverage the firm to deepen its foothold in the industry.
Details of the SBI Group – Aramco Link-Up
The deal between the duo will focus on jointly investing in each others’ interests as it concerns digital assets and semiconductors.
SBI Group and Saudi Aramco will also jointly boost Japanese startups with plans to expand their reach into Saudi Arabia. A new outlet, “SBI Middle East,” will go live soon to achieve this goal.
As a company big on tokenization, speculation abounds that the partnership may revolve around SBI helping Saudi Aramco diversify in this regard.
One emphatic move SBI Group has made in its tokenization push is the planned launch of START, a brokerage platform for tokenized investment contracts projected to start operations on December 25. START will be launched by Osaka Digital Exchange, a firm in which SBI Group holds a majority stake.
On the crypto and blockchain front, Saudi Aramco currently has little-known stakes. It, however, invests indirectly in the crypto world through Tiger Global, Andreessen Horowitz (a16z), and Blockchain Capital, amongst others.
SBI Holdings: a Good Ally for Crypto
With the evolution of the crypto ecosystem thus far, companies like SBI Holdings are helping to integrate crypto solutions to reach more people.
As reported earlier by The Crypto Basic, SBI Holdings partnered with Circle to drive USDC integration in Japan. This move complements the launch of a 100 billion Yen Fund designated to power startups operating at the intersection of Web 3.0 and Artificial Intelligence (AI).