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Securitize, a platform that helps companies tokenize assets and securities, just announced that it has 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 expedite its expansion in Japan and comes just weeks after it secured backing from SBI Investment, with the funding estimated to reach seven-figure. As of this writing, there’s no information on how much money Securitize shelled 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. Meanwhile, BUIDL founder Jun Hasegawa will be acting 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.
Unfolding plans
Domingo previously revealed that they’re planning to put up an office in Japan, which is slated to open by the end of the year. The expansion not only aims 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 ensure that companies are operating within the regulation set by authorities, while BUIDL will be guiding startups on how to flourish in this emerging market.
Japan accelerating blockchain adoption
Japan has been trying to cultivate this market in recent years and has now approved 21 cryptocurrency exchanges to operate within its borders. The latest exchange to acquire the green light from the Financial Services Agency (FSA) is Lastroots, a crypto exchange that’s also involved in developing businesses using blockchain technology. Commenting on the approval, LastRoots President and CEO Furuse Yasuhiro said (through an online translation) that they’ll be continuing on their primary 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.
