Securitize Accquires BUIDL to Facilitate its Expansion in Japan
‘Securitize,’ a platform that helps companies tokenize assets and securities, just declared that it had acquired ‘BUIDL,’ a Japan-based blockchain consultancy firm that helps businesses establish a foothold in the crypto industry.
This acquisition is Securitize’s attempt to facilitate its expansion in Japan and comes just weeks after it secured backing from ‘SBI Investment,’ with the funding expected to reach seven-figure. As of this writing, there’s no data on how much money Securitize shucked out to acquire BUIDL.
The staff of the consultancy firm will be absorbed by Securitize and Securitize CEO, and co-founder ‘Carlos Domingo’ will occupy the chief executive role. Meantime, BUIDL founder ‘Jun Hasegawa’ will be working as a representative director, Finance Magnates reported.
“By acquiring BUIDL, a proven security token leader and blockchain innovator in Japan, Securitize is immediately better positioned to help develop the institutional-grade security token industry in Japan, Asia and beyond,” Domingo said.
Domingo earlier revealed that they’re thinking of putting up an office in Japan, which is slated to begin by the end of the year. The expansion not only intends to find Japanese customers but to localize the technology in the country as well.
The acquisition makes sense as it’s a two-pronged approach. Securitize will handle the compliant system that will assure that companies are working within the regulation set by authorities, while BUIDL will be supervising startups on how to prosper in this emerging market.
Japan stimulating blockchain adoption
Japan has been trying to develop this market in current years and has now allowed 21 cryptocurrency exchanges to work within its borders. The latest exchange to obtain the green light from the ‘Financial Services Agency’ (FSA) is ‘Lastroots,’ a crypto exchange that’s also included in developing businesses using blockchain technology. Elucidating on approval, LastRoots President and CEO ‘Furuse Yasuhiro’ said that they would be proceeding on their original work on customer security.
“As a financial institution, the Company places top priority on user protection and has been working on thorough compliance and risk management as the most important management issues. Going forward, we will strive to build a business management system so that we can operate the cryptocurrency exchange that society expects more appropriately,” Yasuhiro said.