SBI Holdings embraces blockchain gaming, invests in Oasys

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 financial services, asset management, biotechnology, and venture capital.

Over the past few years, the firm has begun integrating blockchain technology with traditional finance, even developing 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 major globally recognized game development companies as initial validators,” SBI CEO Yoshitaka Kitao said in a blog post.

Earlier in the year, SBI and Oasys partnered on an NFT initiative, but it is worth noting that the value of NFTs or non-fungible tokens has plummeted.

In contrast, Oasys is more promising in terms of closeness to video game companies. The Oasys network has connections to well-known names such as 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 the Oasys network.

Singapore-based Oasys has raised a total of $20 million in three rounds since launching in 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 many old-school financial firms entering the sector.

JPMorgan Chase remains committed to expanding its Onyx segment, hoping to further integrate blockchain into mainstream financial services. And BlackRock, along with Fidelity, offers cryptocurrency exposure to its clients, including Bitcoin ETFs and digital asset funds; and

These moves reflect a broader adoption trend at the enterprise level, driven by blockchain technology’s potential to increase transparency, security and efficiency in financial services.

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.