In a move that could send Japan’s cryptocurrency market skyrocketing into American digital assets trading, Huobi Global’s subsidiary Huobi Japan has been declared a majority stakeholder in Japan’s BitTrade platform.
The move also marks how Singapore’s powerhouse entrepreneur Eric Cheng has leveraged his international brand with the trillion-dollar company to become the largest trading platform in Japan.
When he invested his life savings into BitTrade as a startup in 2016, Cheng became one of 16 government-regulated cryptocurrency trading hosts. By December 2017, almost a third of the world’s Bitcoin transactions were done with the Japanese yen. It was these components that caught the attention of Huobi, which saw an opportunity to combine business savvy with a passion for cryptocurrency to expand blockchain technology geographically.
Chris Lee, Board Secretary and Chief Financial Officer for Huobi, said Cheng demonstrated the forward-thinking research and development model necessary for provoking a mutually beneficial partnership, adding:
“We strongly believe in the synergies we can create through continued investment into R&D, and compliance, backed by our world class security and local operations teams across the globe. Leveraging on BitTrade’s leadership team and its Japanese government-approved license, this is just the beginning as we look to grow BitTrade into the most dominant player in the Japanese crypto currency market.”
Huobi already serves alongside compliance teams Singapore, South Korea, Hong Kong, and Australia, among others. In a press release, both parties revealed their mission to “aggressively” develop Cheng’s previously established network as demand for cryptocurrency platforms blossoms in popularity.
Founded in China in 2013 by Leon Li, Huobi is headquartered in Singapore. Despite having offices in the U.S., it is not available to U.S. users due to current regulatory restrictions. Earlier this year, Forbes reported the company’s trading volume was $685.60 million with 248 tradeable coins, including fiat currency.
In correlation with its commitment to providing regulated, compliant and scalable transactions, Huobi also has a track record for investing in upstream and downstream companies.
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