Crypto exchange Huobi is entering the Japanese market by acquiring a majority stake in one of the 16 government-approved cryptocurrency exchanges in the country.
Now based in Singapore, Huobi was originally founded in China in 2013 and has over the years grown beyond borders into a number of nations that include Hong Kong, Korea, Japan, and the United States.
— Huobi Global (@HuobiGlobal) September 12, 2018
According to Business Insider, Huobi Japan Holding Ltd, a subsidiary of Huobi Global, will take a majority stake in BitTrade. BitTrade is currently one of sixteen trading platforms that have government approval in Japan.
Eric Cheng, Founder of BitTrade, commented on the strategic partnership in the official press release stating:
“We are delighted to be partnering with Huobi, a global leader in the cryptocurrency industry which continues to grow exponentially. Together, we will leverage on Huobi’s global footprint, excellent management team and advanced security systems to grow BitTrade into a market-leading position in Japan. Having a long-term partnership with an established brand such as Huobi is the right step for BitTrade as we look to continue our rapid growth trajectory.”
Cheng is popular for his vast experience in international investments and cryptocurrency entrepreneurship. The majority stake in the Japanese trading platform comes as a huge delight to the founder who believes “having a long-term partnership with an established brand such as Huobi is the right step for BitTrade as we look to continue our rapid growth trajectory.”