MetaPlanet, a major Japanese Bitcoin investor often referred to as “Japan’s MicroStrategy,” is working with financial services company SBI, Ripple’s banking partner.
Simon Gerovich, CEO of Metaplanet, announced via X on September 2nd that Metaplanet has entered into a strategic partnership with SBI VC Trade, the cryptocurrency investment service of SBI Group.
Gerovich noted that the collaboration between Metaplanet and SBI VC Trade will take effect immediately and is aimed at “trading and custody of Bitcoin.”
source: Simon Gerovich
Compliant corporate custody services are a key element of our partnership.
According to an official announcement from Metaplanet, “This collaboration is part of our ongoing efforts to engage with leading industry stakeholders in Japan who support our corporate Bitcoin accumulation strategy.”
The company also noted that one of the key elements of the partnership is access to compliant corporate custody services that “prioritize tax efficiency and provide the potential to leverage Bitcoin as collateral for financing.” The announcement reads:
“As our finances expand, we continue to evaluate a variety of tools and strategies that can enhance our financial flexibility. Any financial or material event impacts arising from this partnership will be announced accordingly.”
SBI provides trading and custody support to Metaplanet.
According to an official announcement from SBI, the financial services company will assist Metaplanet’s Bitcoin (BTC) buying strategy by providing various support in the areas of trading, custody, and operations.
“Focusing on Bitcoin’s scarcity and apolitical monetary policy, Metaplanet has positioned Bitcoin as a primary financial asset and promoted Bitcoin accumulation through debt and equity financing,” SBI wrote.
SBI noted that SBI VC Trade is a wholly owned subsidiary of SBI Holdings, listed on the Tokyo Stock Exchange Main Market. The platform operates a cryptocurrency asset trading business in accordance with domestic rules and regulations.
End-of-period assessment tax exemption service is one of the services provided.
Among the various services that SBI will provide to Metaplanet, the company will provide a new tax-related service to Japan’s “MicroStrategy” that exempts corporate taxes on the benefits of crypto assets.
SBI launched the service in June 2024 under the name “Exemption Service for End-of-Term Assessment Taxation”, which aims to enable corporate cryptocurrency investors to hold their assets “with confidence in the long term.”
relevant: Japan aims for Web3 growth with startup-focused tax reform
“You will still receive staking fee and staking fee discount benefits even if you use the service,” SBI said in the announcement.
Additionally, SBI VC Trade will provide Metaplanet with access to leveraged trading using real margin, allowing the company to use any cryptocurrency asset supported by SBI as margin.
Japan’s SBI Group has emerged as a major partner of Ripple, the company responsible for the XRP cryptocurrency.
In April 2024, SBI Group built the XRP Ledger blockchain supply chain solution to launch XRPL enterprise solutions in the Japanese market.
SBI Remit, the remittance business unit of Japanese financial services giant SBI Holdings, has added support for its mobile MoneyTap application to three domestic banks in 2023.
Several SBI subsidiaries have also collaborated with Ripple over the years to launch XRP shareholder benefit programs and XRP-related payment services.
magazine: Telegram CEO can’t leave France, OpenSea receives Wells notice, etc: Hodler’s Digest, August 25-31