Daily Market Updates: SBI buys 20% stake in Ajaib for $270 million to expand yen stablecoin

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SBI buys 20% stake in Ajaib for $270 million to expand yen stablecoin

The deal is aimed at building a cross-border blockchain settlement network through the Indonesian brokerage.

Reported · Written up by our desk · Stablecoins

CoinDesk reports that SBI is acquiring a 20% stake in Indonesia’s online brokerage Ajaib for $270 million.

The Japanese financial group plans to use the investment to expand a yen stablecoin presence in Southeast Asia, positioning the companies to develop a cross-border, blockchain-based settlement network.

Ajaib’s platform will be part of SBI’s effort to enable blockchain settlement across borders as the stablecoin strategy scales in the region.

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Sources

CoinDeskSBI buys 20% stake in Indonesia's Ajaib for $270 million to expand yen stablecoin in Southeast Asia

Crypto

SBI buys 20% stake in Ajaib for $270 million to expand yen stablecoin

More like this

Sources

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