Huobi Buys Majority Stake In Japan's Crypto Exchange BitTrade
Singapore-based cryptocurrency exchange Huobi has acquired a majority stake in Japanese-licensed crypto exchange BitTrade to expand its operations into the Japanese market.
Huobi, the world's third largest crypto exchange by trade volume, intends to aggressively scale this trading platform into the largest in Japan.
BitTrade is one of only 16 regulated and Japanese Financial Services Agency-licensed crypto currency trading platforms in Japan. It received the license in Japan in June 2018. It is also the only one fully acquired by an international investor.
Singaporean multi-millionaire entrepreneur Eric Cheng acquired a 100 percent stake in Japanese FSA-licensed FX Trade Financial Co., Ltd, an FX trading platform, as well as BitTrade headquartered in Japan for S$67 million in May 2018.
The companies will together leverage Huobi's global footprint, brand, and advanced security systems as well as the support of Cheng's international network and passion for blockchain technology, to grow BitTrade into the most dominant player in the Japanese cryptocurrency market.
Founded in China in 2013, Huobi has been expanding to other regions and moved its headquarters to Singapore. It now has offices in Hong Kong, Korea, Australia, the UAE, Luxembourg, Japan and the U.S.
In July, Huobi expanded its operations to Australia by launching a digital asset exchange there and launched its London operations to make an entry into the European market. It also announced plans last month to launch crypto exchanges in the Philippines, Russia, Taiwan, Indonesia, and Canada.
Huobi became a publicly listed Hong Kong company in August 2018. It has accumulated a trading volume of over US$1 trillion since its establishment in 2013.
by RTTNews Staff Writer
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