Mr. Eric Cheng, a Singapore-based entrepreneur announced on September 12 that Huobi Japan Holding Ltd (Huobi) will claim a majority stake in Mr. Cheng’s wholly owned Japanese-licensed cryptocurrency exchange, BitTrade Co. Ltd (BitTrade).
Since its establishment in 2013, Huobi which is one of the world’s largest digital asset exchanges has accumulated a trading volume of over $1 trillion. The Huobi exchange presently serves millions of users across the world. The Huobi exchange has compliance teams in Korea, Hong Kong, Singapore, Australia, Luxembourg, the UAE and other countries around the world.
Presently, the BitTrade cryptocurrency exchange is one of the 16 regulated and Japanese government-approved crypto trading platforms. Amidst the growing demand for cryptocurrency trading that has swept across the globe, BitTrade is positioned to tap the growing demand for cryptocurrency trading in Japan.
With regards to the strategic partnership between BitTrade and Huobi, Mr. Cheng said that they are delighted to partner with a global leader like Huobi in the crypto industry, that continues to grow exponentially. He said that together they will leverage on Huobi’s global footprint, advanced security systems and an excellent management team to help BitTrade achieve a market-leading position in Japan.
In his reaction, Mr. Chris Lee, Chief Financial Officer and Board Secretary, Huobi said that they have found the right partner in Mr. Cheng. He said that Mr. Cheng has demonstrated his capabilities as an international entrepreneur with a strong track record, as stated in the Business Insider report. He added that they intend to leverage on Mr. Cheng’s passion for blockchain technology and international network, as they continue to expand geographically.
In June, Mr. Cheng, acquired the BitTrade cryptocurrency exchange and its affiliate company FX Trade for $50 million, as mentioned in the CryptoGlobe report. Mr. Cheng became the first foreign investor to acquire a full stake in a forex and crypto trading platform that’s regulated by Japan’s FSA.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]