In a press release, Huobi Global announced the acquisition of a stake in Japanese licensed cryptocurrency exchange BitTrade, through Huobi Japan Holding Ltd, its subsidiary.
Details of the transaction, as well as the amount of the agreement, are not disclosed. What is known is that the agreement was signed with Eric Cheng, a Singaporean businessman who owns 100 percent of the shares of BitTrade. The stake sold to Huobi Global also remains unknown.
Huobi is one of the world's largest digital asset exchange platforms, with a turnover of over US$1 trillion since its inception in 2013. Huobi today serves millions of users around the world. Expansion has always been a priority for Huobi Global, and today it has teams in Korea, Hong Kong, Singapore, Australia, UAE, Luxembourg and the US. In August, five more jurisdictions were added to this list, and now the Chinese giant plans to gain a foothold in the Japanese cryptocurrency market.
Huobi is committed to providing compatible, secure and reliable digital services to its customers. To date, Huobi Global has invested in more than ten companies and continues to make a name for itself in the crypto space for rapid and global expansion.
Today, BitTrade is one of 16 Japanese government-regulated and approved crypto trading platforms. With the growing demand for cryptocurrency trading sweeping the globe, BitTrade maintains a leading position in Japan, where nearly one-third of global Bitcoin transactions in December 2017 were denominated in yen.
The management team of both platforms intends to actively develop the crypto platform, increase professional and interoperable services, while improving its international user-friendly interface. Using the shared network, the team also plans to scale the platform in other regions around the world.
Leveraging Huobi's global reach and Singaporean entrepreneur Eric Cheng's brand and network support in the international trading market, the two companies plan to take BitTrade to a dominant position in the Japanese digital currency market.
You May Also Like
Nasdaq plans to trade Bitcoin futures despite falling prices
Nasdaq is now trying to answer all questions from the Commodity Futures Trading Commission in order to launch contracts in the first quarter of 2019.
Japanese exchange Coincheck will receive a license at the end of the year
According to local news source Nikkei, Japan's Financial Services Agency (FSA) intends to issue a license to cryptocurrency exchange Coincheck.
