Huobi Acquires Licensed Japanese Crypto Exchange, BitTrade

Houbi, one of the world’s largest cryptocurrency exchange, has acquired a major stake in BitTrade, a Japan-based crypto trading platform. This deal was made through Huobi Japan, its fully owned subsidiary.

The agreement which was signed by Eric Cheng, the sole owner of BitTrade is seen as a significant move to improve Houbi’s global recognition.

BitTrade is one of the 16 cryptocurrency exchanges approved by Japan’s Financial Service Agency (FSA). The acquisition will give Huobi entry into the Japanese crypto space without the difficult approval process by the FSA.

While commenting on the acquisition, Chris Lee the Chief Financial Officer at Houbi attested to the reputation of BitTrade exchange. He remarked:

SEE ALSO:   Ethereum vs Bitcoin: Does Ethereum have the potential to overtake Bitcoin? (Bitcoin Ethereum Predictions 2018) - Ethereum Bitcoin Comparison - Sun Sept 23

“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 cryptocurrency market.”

BitTrades owner also expressed optimism about the future of BitTrade after Huobi’s acquisition. He said:

“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.”

SEE ALSO:   Cons and Pros of Ripple: Meet Ripple, the world's most practical financial network - Sun Sept 23

Houbi which has carved out a prominent position in the cryptocurrency industry is now considered as one of the world’s largest digital asset exchanges with a trading volume of over US$1 trillion since its establishment in 2013.

Earlier this year, Houbi confirmed it has commenced trading on its newly-launched Australian trading platform. The Australian will be trading on Australian Dollars in exchange for 10 different digital currencies including Bitcoin [BTC], Bitcoin Cash [BCH], Ethereum (ETH), Ethereum Classic [ETC], and Litecoin (LTC).

Huobi also has operations in other countries including Korea, Canada, the UAE, Luxembourg, Brazil, and has a strategic partnership with HBUS in the U.S.

SEE ALSO:   IOTA price predictions 2018: The cryptocurrency to look upwards (IOTA Forecast) IOTA news today -IOTA Cryptocurrency News - Sun Sept 23


LEAVE A REPLY

Please enter your comment!
Please enter your name here

1 × 5 =

This site uses Akismet to reduce spam. Learn how your comment data is processed.