Business 13 September 2018

Ed Drake

After Pantronics, Huobi acquires licensed crypto exchange in Japan

Singapore-based cryptocurrency exchange Huobi is on the verge of acquiring a regulated Japanese cryptocurrency broker, in a deal that will confirm the group’s expansion into Japan’s cryptocurrency investment sector.

According to an announcement from the firm, Huobi has concluded a deal with BitTrade, agreeing to acquire a majority stake in the company from its sole owner, Eric Cheng. BitTrade is one of a handful of cryptocurrency exchanges licensed to operate in Japan, and a member of the Japanese Virtual Currency Exchange Association.

Acquiring a license effectively provides Huobi with a platform in Japan, from which the firm intends to build its reach through BitTrade.

Founded in 2013, Huobi is one of the largest cryptocurrency exchanges in China, processing over $500 million in daily volume. The deal will see its subsidiary, Huobi Japan Holding Ltd. acquire 100% of the shares in True Joyful Limited, BVI, the sole beneficial owner of the company.

According to a statement from Huobi’s chief financial officer Chris Lee, the deal will now allow the firm to focus on growing within the Japanese market.

“Looking ahead, we will leverage on Mr. Cheng’s international network and passion for blockchain technology as we continue to expand geographically,” Lee said. “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.”

The acquisition comes in the immediate aftermath of a similar move to buy Hong Kong listed company Pantronics Holdings, which some have suggested could allow the firm to become listed in Hong Kong by the back door.

Over 66% of the firm is now owned and controlled by Huobi group of companies, following a deal concluded just a matter of weeks ago. This week’s development finally provides Huobi with the access to the Japanese market they have been aiming for, at a time of rapid regional expansion at the firm.

An earlier venture with Japan’s SBI Bank would have seen Huobi with a stake in the bank’s recently launched VCTRADE platform. However, the deal was scrapped after the Coincheck hack, when the bank opted to develop their security technology in-house instead.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

COMMENT

latest news

The Bitcoin Vision: Episode 10

Business 18 April 2019

The Bitcoin Vision: Episode 10

Founding President of the Bitcoin Association Jimmy Nguyen is back in London for this week’s episode of The Bitcoin Vision, and he’s reunited with his crew who are equally excited about BSV’s latest big wins.

Read More
Dr. Craig Wright files formal libel claim against Bitcoin podcaster Peter McCormack

Business 18 April 2019

Dr. Craig Wright files formal libel claim against Bitcoin podcaster Peter McCormack

Dr. Craig Wright files formal libel claim against Bitcoin podcaster Peter McCormack, who publicly accused Wright of fraud over Satoshi Nakamoto identity.

Read More
Jack Liu responds to hasty BSV delistings, launches BSV-powered exchange & wallet

Business 18 April 2019

Jack Liu responds to hasty BSV delistings, launches BSV-powered exchange & wallet

Delisting Bitcoin SV from exchanges has inspired Jack Liu to start trading on his new BSV-powered exchange, FloatSV, earlier than expected.

Read More