Blockchain gaming startup Oasys scores funds from SBI Holdings

The latest deal in the blockchain space will mesh old-school finance with next-generation gaming.

SBI backs Oasys

SBI Holdings Inc., founded in 1999, is touted as one of the largest financial conglomerates in Japan. It specializes in traditional finance (aka tradfi), including asset management and venture capital.

Over the past few years, the firm started integrating blockchain technology into its services. It even developed its own cryptocurrency exchange called SBI VC Trade.

As of Aug. 29, a new segment is being added to its portfolio via a partnership with the Oasys blockchain network: gaming.

The Tokyo-based firm invested an undisclosed amount in Oasys, promising to enhance “synergies” with the game tokens on the blockchain.

“From its inception, [Oasys] has included several globally renowned major game development companies as initial validators,” SBI CEO Yoshitaka Kitao said in a blog post confirming the deal.

Earlier in the year, SBI and Oasys had partnered on an NFT initiative. But it’s worth noting that NFTs, or non-fungible tokens, are plummeting in value.

In contrast, Oasys shows more promise by making inroads with video game companies. After all, the Oasys network is affiliated with household names like Sega and Ubisoft.

In February, Oasys partnered with Com2uS to integrate several game franchises, including ‘Summoners War: Chronicle’ and ‘The Walking Dead: All Stars,’ onto its network.

Since 2021, Singapore-based Oasys raised about $20 million throughout three funding rounds.

In addition to SBI, Hyperithm — a Tokyo- and Seoul-based digital asset financial service provider backed by Coinbase, Samsung, Kakao and Hashed — also invested an undisclosed amount.

Tradfi’s new territory

This isn’t the first time SBI has expressed interest in digital tokens or blockchain technology.

In 2016, SBI created a new company called SBI Ripple Asia, which expanded the use of Ripple (XRP) products throughout China, Korea, Japan and Taiwan. It was also a part of the consortium that launched the R3 blockchain initiative.

And SBI is just one of several old-school finance firms dipping their toes in the burgeoning sector.

JPMorgan Chase remains committed to expanding its Onyx segment, hoping to further integrate blockchain into mainstream financial services. And BlackRock, along with Fidelity, began offering cryptocurrency exposure to clients, including Bitcoin ETFs and digital asset funds.

These moves reflect a broader trend of institutional adoption, driven by the bet that blockchain can enhance transparency, security, and efficiency in financial services.

SBI’s Oasys investment, however, is unique in that video games play a prominent role in the partnership.

According to Deloitte’s 2024 banking outlook report, blockchain-based and fiat currency-backed stablecoins are “entering the world of consumer payments.”

As tradfi continues to merge with the world of crypto and blockchain, the line between traditional and digital finance is becoming increasingly blurred, paving the way for a more interconnected and innovative financial system.

By investing in Oasys, SBI Holdings is seemingly looking to stay ahead of the curve.