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.
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.
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.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us