OpenAI said last week that it would restructure in a format that allows its non-profit entity to retain ultimate control, a plan that on Tuesday received the blessing of one of the U.S. artificial intelligence startup’s biggest backers — Japanese giant SoftBank.

The endorsement of SoftBank — the first time the company has publicly green lit the plan — is key because the Japanese firm’s $30 billion investment in OpenAI announced this year was contingent on a change in structure.

In March, OpenAI closed a $40 billion funding round, receiving $30 billion from SoftBank. But if OpenAI doesn’t restructure into a for-profit entity by Dec. 31, SoftBank has previously said it could reduce its portion of the financing to $20 billion.

OpenAI announced this month that it would not fully turn into a for-profit entity after pressure from civic leaders and former employees. Instead, the non-profit arm would retain control of the company, while the limited liability company, which handles all of the business operations, would turn into a public benefit corporation. That means this division will have the ability to generate profit, but will also focus on social good.

The AI startup was originally looking to remove the control of the non-profit, a plan that drew criticism from many in the tech space, including rival and initial OpenAI co-founder Elon Musk.

Since the non-profit would retain control, and the original restructure plan was ditched, it was unclear if OpenAI’s major investors were on board.

But SoftBank’s finance chief Yoshimitsu Goto said during an earnings press conference on Tuesday that “nothing has really changed.”

“I don’t think that’s the wrong direction … that’s something that we expected,” Goto said, according to a company translation of his comments in Japanese.

He reiterated that OpenAI needs to complete the restructure by the end of this year.

There could still be stumbling blocks along the way. Microsoft, one of OpenAI’s biggest investors, has not approved the restructure, according to a Bloomberg report earlier this month. The Financial Times on Sunday reported that OpenAI and Microsoft are rewriting the terms of their multibillion-dollar partnership. Microsoft is the key holdout to OpenAI’s restructure plan, the FT added.

SoftBank’s Goto did not mention any other companies, but acknowledged that OpenAI has many stakeholders.

“Our conversation is based on the assumption that the reorganization will take place. There are different staekholders however and some people may intervene in this project and this may not go as smooth as we hope,” Goto said.

“But that’s out of our control. We will wait and see what happens.”

Dubai’s Department of Finance announced a partnership with crypto platform Crypto.com that will allow government service fees to be paid with cryptocurrencies.

The memorandum of understanding between Dubai government officials and Mohammed Al Hakim, president of Crypto.com UAE, was signed Monday on the sidelines of the Dubai FinTech Summit.

Government officials said in a press release that the partnership will help achieve the “Dubai Cashless Strategy,” which seeks to solidify Dubai’s status as a leading digital city. The strategy aims to reach 90% cashless transactions across Dubai’s public and private sectors by 2026.

Once technical arrangements for the initiative are finalized, individuals and “businesses customers of government entities” will be able to pay service fees through digital wallets on Crypto.com.  

“The platform will securely convert these payments into Emirati dirhams and transfer them to Dubai Finance accounts, ensuring a streamlined, secure, and innovative payment framework,” Dubai Finance added. 

Crypto.com’s Al Hakim called the initiative a “truly global first programme.” However, the announcement did not clarify what types of digital currencies the department of finance would accept, or for which types of government fees covered by the agreement. 

Crypto.com and Dubai Finance did not immediately respond to a request for comment from CNBC. 

Crypto.com first received a license for its Dubai entity to offer regulated virtual asset service activities in 2023. Last month, the company said Dubai’s virtual asset regulatory body had also issued a limited license to offer derivatives.

Dubai has been betting on the crypto industry for years as part of its ambition to become a global tech hub. 

Softbank‘s Vision Fund business on Tuesday posted a loss in the fiscal year ended March as it booked slowing gains at its massive tech investment arm.

SoftBank said it notched a gain on investment at its Vision Funds of 434.9 billion yen in the fiscal year, a 40% fall from the 724.3 billion yen booked in the previous year.

In its fiscal fourth quarter — the three months ended March — SoftBank’s Vision Funds segment recorded a 26.1 billion yen gain, helped by a rise in the value of TikTok owner ByteDance.

The Vision Fund segment overall logged a pretax loss of 115.02 billion yen ($777.7 mllion) versus a profit of 128.2 billion yen in the previous fiscal year.

For the latest fiscal year, SoftBank saw gains on its investments in Chinese ridehailing company Didi as well as South Korean e-commerce firm Coupang. However, the performance of its investment arm was hurt by a drop in value of companies including AutoStore.

The Vision Funds are a key focus for investors who are looking for signs of improvement at SoftBank’s huge investment arm, after it swung to a surprise loss in the company’s fiscal third quarter.

SoftBank’s investment division can be inconsistent, as it is driven by changes in public and private financial markets.

SoftBank’s stock is down about 17% this year as volatility in financial markets and concerns about the macroeconomic environment continues to weigh on the company.

SoftBank founder Masayoshi Son has sought to position company as a key player in artificial intelligence through various investments and acquisitions. The firm owns the majority of semiconductor designer Arm and announced plans this year to acquire server chip designer Ampere Computing for $6.5 billion. Ampere’s semiconductors are designed to run AI applications.

One of SoftBank’s biggest AI bets has been on OpenAI, the creator of ChatGPT. SoftBank invested $30 billion in OpenAI as part of a broader $40 billion financing round in March that valued the startup at $300 billion.

Softbank is also involved in Stargate, a joint venture that was unveiled by U.S. President Donald Trump in January, calling for hundreds of billions of dollars of investment into AI infrastructure.

There are still questions about how SoftBank plans to finance these ventures and whether it will need to sell down some of its holdings in companies like Arm.

Citing people familiar with the matter, Bloomberg had on Monday reported that dozens of financial players are reassessing investment in data centers due to growing economic volatility, and SoftBank has yet to come up with a financing template for Stargate.

Yoshimitsu Goto, chief finance officer at SoftBank, said during a Tuesday press conference that media reports of banks hesitating to fund SoftBank’s efforts are not true.

“We are very much making progress,” Goto said.

He added there are around 100 proposals being made for sites to build data centers as part of Stargate, with the first facilities likely to be in Texas.

While the Vision Fund was an overall drag on profit, it was a big gain in SoftBank’s older investments in Alibaba, T-Mobile and Deutsche Telekom, that helped drive its overall profit.

Arm and SoftBank’s telecommunications business also contributed positively to the group’s overall profitability.