- SBI Group's subsidiary, SBI Crypto, recently revealed a partnership with Northern Data.
- The partnership was a result of a process that started early last year, and it will allow the two to work on the creation of a new blockchain.
- Northern Data will also benefit from the partnership by growing its business, while SBI Crypto will gain access to Whinstone US Inc., one of Northern Data's founding firms.
SBI Crypto, a company wholly-owned by Japan’s SBI Group, recently announced a partnership with Northern Data. The goal of the team-up is the development of SBI Crypto’s own blockchain. The firm will also be among the companies that are to be hosted in Northern Data’s facilities based in Texas.
According to what is known, the two companies plan to work on multiple projects pertaining to software development and infrastructure of blockchain technology.
What do the firms gain from the partnership?
As some may know, Northern Data was formed through another partnership between Northern Bitcoin AG and Whinestone US Inc. Now, through the partnership with Northern Data, SBI Crypto will get direct access to its parent firms, and it will collaborate with Whinstone US Inc., as well. But, SBI Crypto also has additional plans for Northern Data, as it is uniquely positioned for equity participation.
The new partnership actually did not come as suddenly as it may seem. The process that eventually led to it was originally started last year, as revealed by Carson Smith, the SBI Crypto’s CEO. Smith stated that the company has been making plans with Northern Data and Whinstone since early 2019. Now, she says she is excited that the plans are finally underway.
Apart from digital currency mining, the company also invested in other ventures with close ties to the crypto space. One example is an investment into a crypto startup Breadwinner AG, which the firm made early last year. Breadwinner AG is actually the business that created the BRD wallet, and it has been a key focus for SBI Group.
As for Northern Data, the company expects that the partnership will help it grow. Its own CEO, Aroosh Thillainathan, also stated that the firm is very pleased to partner up with SBI.