The latest blockchain deal will combine traditional finance with next-generation gaming.
SBI supports Oasys
Founded in 1999, SBI Holdings Inc. is one of the largest financial conglomerates in Japan. It specializes in traditional finance (also known as tradfi), including asset management and venture capital.
Over the past few years, the company has started integrating blockchain technology into its services. It has even developed its own cryptocurrency exchange called SBI VC Trade.
As of August 29, a new sector has been added to its portfolio via a partnership with the Oasys blockchain network: gaming.
The Tokyo-based company has invested an undisclosed amount in Oasys, promising to boost “synergy” with game tokens on the blockchain.
“Since its inception, Oasys has included many world-renowned major game development companies as initial investigators,” SBI CEO Yoshitaka Kitao He said In a post on his blog confirming the deal.
Earlier this year, SBI and Oasys partnered on an NFT initiative. But it’s worth noting that the value of NFTs, or non-fungible tokens, has been falling dramatically.
In contrast, Oasys has shown greater success in making inroads into video game companies. After all, Oasys is linked to well-known companies like Sega and Ubisoft.
In February, Oasys partnered with Com2uS to integrate several gaming franchises, including “Summoners War: Chronicle” and “The Walking Dead: All Stars,” onto its network.
Since 2021, Singapore-based Oasys has raised around $20 million across three funding rounds.
In addition to SBI, Hyperithm — a Tokyo- and Seoul-based digital asset financial services company backed by Coinbase, Samsung, Kakao, and Hashid — also invested an undisclosed amount.
New Tandem Area
This is not the first time SBI has expressed interest in digital tokens or blockchain technology.
In 2016, SBI set up a new company called SBI Ripple Asiawhich has expanded the use of Ripple (XRP) products across China, Korea, Japan, and Taiwan. It was also part of the consortium that launched the R3 blockchain initiative.
SBI is just one of many traditional finance companies venturing into this emerging sector.
JPMorgan Chase remains committed to expanding the Onyx segment, hoping to further integrate blockchain technology into mainstream financial services. BlackRock, along with Fidelity, has begun offering crypto exposure to clients, including exchange-traded funds and digital asset funds.
These moves reflect a broader trend toward institutional adoption, driven by the bet that blockchain technology can enhance transparency, security and efficiency in financial services.
However, SBI’s investment in Oasys is unique in that video games play a prominent role in the partnership.
According to Deloitte’s 2024 Banking Outlook, fiat-backed, blockchain-based stablecoins are “entering the consumer payments space.”
As tradfi continues to merge with the world of crypto and blockchain, the line between traditional and digital finance is becoming increasingly blurred, paving the way for a more interconnected and innovative financial system.
By investing in Oasys, it seems that SBI Holdings is looking to stay ahead of the curve.