Cryptocurrency exchange Huobi, one of the largest in the world by trading volume, has acquired a controlling stake in the Japanese company BitTrade.
BitTrade is among 16 Japanese exchanges, founded in March of a self-regulatory organisation whose main aim is to develop safety standards of the cryptocurrency sector in the country. The idea of creating such Association emerged in the exchanges after the infamous hacking Coincheck in the beginning of the year when the cyber criminals had stolen about $530 million.
Huobi was opened in 2013 in China, however, the restrictions imposed by the local authorities forced the company to shift its head office in Singapore. The exchange is actively expanding its business in overseas markets: in June, the company launched a new platform in the US, and later, in July — Australia. Daily trading volume on Huobi is about $560 billion, the stock exchange occupies the third place in the rating of CoinMarketCap.
According to the Secretary of the Board Huobi and chief financial officer of platform Chris Lee (Chris Lee), the company will utilize BitTrade and its international network to continue geographic expansion of the business.
“We are confident that we can achieve synergies, financing of research and development, as well as observing the international and local authorities rules in our activities. Using a steering group BitTrade and available to them Japanese state license, we intend to make the exchange leading player in the cryptocurrency market of Japan,” added Lee.
Recall that in late August, Huobi has acquired OJSC Pantronics from Hong Kong and thus became one of the major shareholders in the market of state enterprises in Hong Kong. The total transaction was valued at $77 million.