SBI Holdings, Mesh Connect and Money Forward have reached am agreement to set up Mesh SBI Money Forward Network KK, a Japanese joint venture for crypto purchases, transfers and payments, according to a release published on October 7. Mesh will hold 60% of the company, SBI Group 26% and Money Forward 14%, with capital of 100 million yen ($632,700).

The three companies intend to establish the venture in 2026, subject to definitive agreements, internal procedures and engagement with regulators. Its stated business is expanding crypto asset service provider operations in Japan, and it will focus primarily on the Japanese market.

The ownership split puts the US company in charge. Mesh, which builds API connections linking exchanges,…