The CEO of financial service company SBI Holdings Yoshitaka Kitao has revealed that the firm is aiming at setting up a cryptocurrency joint venture with foreign financial firms.

In an interview with Reuters, Yoshitaka said that SBI has already set the ball rolling in establishing the joint venture as it is in a discussion phase with two financial firms.

He also disclosed that the adoption of cryptocurrencies by institutional investors, especially the recent $1.5 billion investment of Tesla in Bitcoin, shows that there is a shift in investment alternatives.

“Institutional investors, mainly hedge funds, have recently started investing in cryptocurrencies…Not just institutional investors but also Elon Musk has,” he said.

Elon Musk’s electric car manufacturing company Tesla bought $1.5 billion worth of Bitcoin last week Monday, and also announced that it will start receiving payment in Bitcoin for its products.

Since the announcement was made, the value of Bitcoin has gone bullish, and it has gone to set new all-time records up to $49,700.

The current price of bitcoin is $47,726.06, dropping by 2.68% in the last 24 hours. Bitcoin has a current market cap of $889.08B and market volume of $61.73B. In the last 24 hours, bitcoin has dropped to $45,926.25 and experienced a $49,332.88 high.  Currently, 18,629,543.75 bitcoins are in circulation.

Stats and Image from Coin Desk

Yoshitaka did not reveal much information about the planned joint venture but said that the company is looking at exploring large-scale mergers and acquisitions (MA) to place SBI as a top earner in the cryptocurrency market.

“To become number one in the world, our choice is buying a leading company or creating an alliance with major global companies…Our M&A strategy will not be something like taking minority stakes in many companies,” he added.