Metaplanet, the renowned Japanese Bitcoin investor often dubbed the “Japanese MicroStrategy,” has taken a major step in its Cryptocurrency accumulation strategy by announcing a strategic partnership with SBI VC Trade, the cryptocurrency investment platform of the SBI financial group. The announcement was made by Simon Gerovich, CEO of Metaplanet, via social media network X, earlier today.
This collaboration primarily aims to improve Bitcoin trading and custody, with a particular focus on a corporate custody service that not only ensures tax efficiency but also offers the possibility of using Bitcoin as collateral for financing.
“This partnership is part of our ongoing effort to work with key industry players in Japan who support our corporate strategy of Bitcoin accumulation,” Gerovich said in the official statement.
SBI, known for its strong presence in the financial sector and its relationship with Ripple, will support Metaplanet in its approach to buying and storing Bitcoin, thereby strengthening its position in the market. The subsidiary SBI VC Trade, which operates under national regulations and is wholly owned by SBI Holdings, is listed on the Tokyo Stock Exchange and specializes in the exchange of cryptocurrency assets.
OKX obtains full license in Singapore and appoints former regulator as CEO of its local subsidiary
Cryptocurrency exchange OKX has taken a major step in its expansion into Asia by obtaining a full license from the Monetary Authority of Singapore (MAS), which will allow it to facilitate cryptocurrency trading and cross-border transfers.
The announcement was made on September 2, when OKX confirmed that it received the Major Payment Institution (MPI) license, opening up new opportunities for the company in the market.
With this license, OKX will not only be able to offer money transfer services and digital payment tokens, but will also be able to exceed the volume limits set for payment institutions. Specifically, it will be able to exceed the S$3 million ($2.2 million) limit for a single payment service and the S$6 million ($4.4 million) monthly limit for multiple payment services, thereby establishing itself as a key player in the digital payments industry.
In addition to the license, OKX Singapore has strengthened its team by bringing on former MAS official Gracie Lin as the subsidiary’s new CEO. Lin highlighted the strategic importance of Singapore for OKX, describing it as a key hub for digital assets and underscored the company’s commitment to local market access and contribution to the cryptocurrency ecosystem.
Kamala Harris’ chances of victory fall to 47% on Polymarket predictions exchange
The odds of US Vice President Kamala Harris winning the upcoming presidential election in November have dropped to 47%, according to the latest data from decentralized prediction market Polymarket. This figure represents a drop from the 50% tie recorded last week.
The shift in betting came after Trump’s odds surpassed Harris’s following a brief tie on Aug. 26. Harris had led projections for nearly two weeks earlier in the month, but her lead has faded in recent days.
The US election prediction market is currently the largest on the Polymarket platform, with a betting volume exceeding $777 million.
In other developments, Trump recently launched his fourth series of NFT trading cards, titled “Series 4: The America First Collection,” which has generated over $2 million in sales. Additionally, Trump has hinted at his possible involvement in World Liberty Financial, a cryptocurrency project started by two of his sons, although it is not yet clear what his role would be or what services he would offer.
SEC could block FTX’s bankruptcy plan over distribution of crypto assets to creditors
The U.S. Securities and Exchange Commission (SEC) has raised objections to FTX’s bankruptcy plan, potentially complicating confirmation of the firm’s proposed deal. In a court filing on Friday, the SEC warned that it could challenge any distribution of crypto assets to creditors under the plan.
FTX’s bankruptcy plan, filed earlier this year, proposes that 98% of creditors recover 118% of their claims in cash within 60 days of court approval.
The definition of “cash,” however, has been a point of contention. An earlier filing on August 2 by FTX’s bankrupt estate included not only U.S. legal tender, but also dollar-pegged stablecoins, bank deposits and other instruments.
The SEC expressed concerns about the distribution options FTX is exploring, including the potential delivery of stablecoins to certain creditors. In its filing, the SEC noted that it has not ruled on the legality of these transactions under federal securities laws and reserved the right to challenge any transaction involving crypto assets.
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