Japan’s wholly-owned subsidiary of SBI Holdings, SBI Crypto Investment, recently made a strategic investment in the Taiwanese blockchain start-up OwlTing. Although the exact amount of investment is not known, the announcement states that it is an eight-figure U.S. dollar investment for 20% equity.
SBI Confident Of Taiwanese Startup’s Ability
According to reports, SBI has decided to invest in the startup company because it believes that OwlTing has the ability to use its blockchain-based applications for providing insight into the industries so that resolving difficult problems and expansions beyond financial realms become possible. The Taiwan-based e-commerce company uses its blockchain applications in all the fields of services including global travel, global hotel bookings, social media platforms, food safety, and blockchain application services.
The company launched a B2B blockchain called OwlChain service last year. It is the first blockchain-based food safety system in the world used for tracing the source of each ingredient. Later on, OwlTing released it’s another product, OwlNest. It is again a B2B system that offers the hotel operators an efficient blockchain hotel management service option. The vision of Darren Wang, the founder of OwlTing, is to bring the tech brands of his country on the global stage. And this vision of Wang has impressed Japan’s financial services company.
OwlTing’s OwlNest launched in 2017 is hotel booking and internal systems management software that works on blockchain technology. The company provides blockchain-based solutions to the hotel industry that are effective at reducing labor and operation costs thereby increasing the profit margin.
SBI Investment A Part Of Its Expansion Vision
The Tokyo-based SBI Holdings is confident of the startup’s success and hence decided to make an eight-figure USD investment. Being the most aggressive company in the blockchain industry, Japan’s SBI has been eyeing various possibilities and options in this technology that can contribute to its vision of expansion.
It should be noted that the Strategic Business Innovator Group of Japan (SBI) has been planning on expanding its presence in the digital asset eco-system since 2016. At the start of this year, the group set up a $200 million fund in AI and blockchain and aspires to expand this amount to $500 million.