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Global foreign exchange technology company Switch One will acquire a Japanese financial firm holding a stablecoin issuance license. The company plans to establish a stablecoin-based financial infrastructure connecting Korea and Japan, with Japan as its base, and expand its business into the Asian market in the future.
Switch One announced on the 9th that it signed an acquisition agreement with a local Japanese financial firm on the 31st of last month. Specific conditions such as the name of the acquired company and transaction amount remain undisclosed.
Switch One plans to gradually build services ranging from stablecoin issuance and distribution to cross-border transfers and payments by combining its proprietary technology with the local license and financial business foundation held by the target company. In particular, the company aims to establish digital financial infrastructure connecting Korea and Japan before expanding its service scope to major Asian countries.
Stablecoins are virtual assets designed to minimize price volatility by pegging their value to fiat currencies such as the U.S. dollar or specific assets.
Switch One operates an asset management platform that enables trading, holding, and managing of real-world assets in a digital environment alongside fiat currencies. Its revenue for the first half of this year reached 96.6 billion won. The cumulative transaction volume, including foreign exchange and physical assets such as gold and silver, has surpassed 7 trillion won.
Through this acquisition, Switch One plans to expand its existing financial asset trading business into blockchain-based payment and remittance sectors.
While proceeding with follow-up procedures for the completion of the acquisition, Switch One also intends to expand partnerships with local Japanese institutional investors and technology firms. In the medium to long term, the company aims to build a financial network that connects major currencies including the Korean won and Japanese yen, as well as physical assets, to stablecoins, covering issuance, transfer, exchange, payment, and asset management.
Lee Myung-ha, Managing Director of Switch One who led this acquisition, stated, "This agreement is not merely an entry into the Japanese market but a significant starting point for Switch One to leapfrog as a global financial infrastructure company based on stablecoins." He added, "We will build a new financial ecosystem by connecting issuance, distribution, payment, and cross-border remittances with Japan as our core hub."
[MoneyToday Startup Media Platform Unicorn Factory]
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