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:
“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.”
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.