Huobi Japan Issues New Shares Worth $4.6M

Asia Blockchain Review
November 4, 2019

On October 25, Huobi Japan announced the shares it had issued to FPG Corporation in a new round of funding totaled ¥499,968,000 (US$4.6 million). 

Huobi Japan was one of the 16 crypto exchanges with a license from FSA, a Japanese financial regulator, when Huobi’s platform was launched in January. The company, which has merged with BitTrade, is a subsidiary of Singapore-based crypto Huobi that operates in more than 130 countries.

Aggressively Scaling Up Blockchain

Since 2018, Huobi has expanded to Canada before opening offices in many locations worldwide, such as Brazil, the United States, North Africa, Southeast Asia and the Middle East. New offices were opened in Turkey in October 2019.

Vowing that they would “aggressively scale up the platform,” Huobi entered Japan due to the country’s receptiveness to cryptocurrencies. The company acquired local licensed cryptocurrency exchange BitTrade in September 2018.

Despite scrutiny from the FSA and some complications, Huobi Japan eventually became a fully regulated exchange in January 2019.

Funding on New Financial Assets

With $4.6-million-funds, Huobi Japan says it will “contribute to the digitalization of the Japanese securities market by integrating the company’s professional financial business know-how with our security-focused blockchain technology to provide new financial assets and payment methods.”

Founded in 2013 in China, the Huobi Group was forced to leave China following a crackdown on crypto-fiat exchanges in 2017. The company relocated to its current headquarters in Singapore.

The Huobi Group will likely return to mainland China after Chinese President Xi Jinping announced Beijing’s support for the blockchain technology with plans to dominate the global blockchain market.

Source: coingeek.com


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