In a groundbreaking move within the blockchain space, a new deal is set to bridge the gap between traditional finance and the rapidly evolving gaming industry.
SBI Holdings Backs Oasys Blockchain Network
Founded in 1999, SBI Holdings Inc. has established itself as one of Japan’s largest financial conglomerates, specializing in traditional finance (commonly referred to as “tradfi”), with a strong presence in asset management and venture capital. Over the years, SBI has progressively integrated blockchain technology into its operations, even launching its own cryptocurrency exchange, SBI VC Trade.
On August 29th, SBI Holdings expanded its portfolio by forming a strategic partnership with the Oasys blockchain network, marking its official entry into the gaming sector. The Tokyo-based financial giant has invested an undisclosed amount in Oasys, aiming to foster “synergies” between traditional finance and the innovative world of game tokens on the blockchain.
Yoshitaka Kitao, CEO of SBI Holdings, confirmed the deal in a recent blog post, highlighting that Oasys has been supported by several globally renowned game development companies as initial validators from the beginning.
Gaming as a New Frontier for Blockchain
Earlier this year, SBI and Oasys collaborated on an NFT initiative. However, while the value of non-fungible tokens (NFTs) has been on a decline, Oasys has continued to make significant strides by partnering with major video game companies. The Oasys network boasts affiliations with industry giants such as Sega and Ubisoft, further solidifying its position in the gaming world.
In February, Oasys partnered with Com2uS to integrate popular game franchises, including ‘Summoners War: Chronicle’ and ‘The Walking Dead: All Stars,’ onto its blockchain network. Since its inception in 2021, the Singapore-based Oasys has raised approximately $20 million across three funding rounds, with SBI and other prominent investors like Hyperithm joining the fray.
Traditional Finance Ventures into Digital Territory
SBI’s venture into the Oasys blockchain is not its first foray into digital tokens or blockchain technology. In 2016, the firm launched SBI Ripple Asia, expanding the use of Ripple (XRP) products across several Asian markets, including China, Korea, Japan, and Taiwan. SBI also played a key role in the R3 blockchain consortium.
SBI is part of a broader trend of traditional finance institutions exploring the potential of blockchain technology. For example, JPMorgan Chase has been steadily expanding its Onyx segment to integrate blockchain into mainstream financial services. Similarly, BlackRock and Fidelity have introduced cryptocurrency exposure to their clients through Bitcoin ETFs and digital asset funds.
These initiatives reflect a growing institutional adoption of blockchain, driven by the belief that the technology can enhance transparency, security, and efficiency within financial services.
1/ #Oasys partners with #SBIHOLDING, securing funding and backing from the prominent partner to further our ecosystem growthhttps://t.co/0PJX9mWiRM
— Oasys | Blockchain for Games (@oasys_games) August 30, 2024
The Future of Finance: Blurring the Lines Between Traditional and Digital
SBI’s investment in Oasys stands out for its focus on the gaming industry, highlighting the potential of blockchain technology to revolutionize this sector. According to Deloitte’s 2024 banking outlook report, blockchain-based and fiat currency-backed stablecoins are increasingly entering the consumer payments arena.
As traditional finance continues to merge with the world of blockchain and cryptocurrency, the distinction between traditional and digital finance is becoming increasingly blurred. This convergence is paving the way for a more interconnected and innovative financial system.
By investing in Oasys, SBI Holdings is positioning itself at the forefront of this transformation, ensuring it remains a key player in the evolving landscape of finance and gaming.
