The latest deal in the blockchain space will bring together old-school finance with next-generation gaming.
SBI supports Oasys
Founded in 1999, SBI Holdings Inc. is touted as one of Japan’s largest financial conglomerates. It specializes in traditional finance (aka tradfi), including asset management and venture capital.
Over the last few years, the firm has begun integrating blockchain technology into its services and has even developed its own cryptocurrency exchange called SBI VC Trade.
As of August 29, a new segment is being added to its portfolio with a partnership with the Oasys blockchain network: gaming.
The Tokyo-based firm is investing an undisclosed amount in Oasys, promising to increase “synergy” with its blockchain gaming tokens.
“Since its establishment, [Oasys] “We have included several globally recognized major game development companies as initial validators,” SBI CEO Yoshitaka Kitao said in a blog post confirming the deal.
Earlier in the year, SBI and Oasys partnered on an NFT initiative, but it’s worth noting that the value of NFTs, or non-fungible tokens, has plummeted.
In contrast, Oasys is showing more promise by making inroads into video game companies. After all, the Oasys network is affiliated with household names like Sega and Ubisoft.
In February, Oasys partnered with Com2uS to integrate several game franchises, including ‘Summoners War: Chronicle’ and ‘The Walking Dead: All Stars’, into its network.
Singapore-based Oasys has raised around $20 million in three funding rounds since 2021.
Besides SBI, Tokyo and Seoul-based digital asset financial services provider Hyperithm, backed by Coinbase, Samsung, Kakao, and Hashed, also invested an undisclosed amount.
Tradfi’s new space
This is not the first time that SBI has shown interest in digital tokens or blockchain technology.
In 2016, SBI established a new company called SBI Ripple Asia, which 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.
And SBI is just one of several old-school financial firms that have stepped into this growing sector.
JPMorgan Chase remains committed to expanding its Onyx segment and hopes to further integrate blockchain into mainstream financial services. And BlackRock, along with Fidelity, has begun offering cryptocurrency exposure to its clients, including through Bitcoin ETFs and digital asset funds.
These moves reflect a broader institutional adoption trend driven by claims that blockchain technology can increase transparency, security and efficiency in financial services.
But SBI’s investment in Oasys is unique in that video games play a major role in the partnership.
Blockchain-based and fiat-backed stablecoins are “entering the world of consumer payments,” according to Deloitte’s 2024 banking outlook report.
As Tradfi continues to merge with the crypto and blockchain world, the line between traditional and digital finance is increasingly blurred, paving the way for a more interconnected and innovative financial system.
By investing in Oasys, SBI Holdings aims to stay one step ahead in the market.