Giant cryptocurrency exchange, Huobi has acquired a majority stake in Japan-based BitTrade in a move that is aimed at significantly scaling the trading platform and giving it greater global recognition.
Now based in Singapore, Huobi was originally founded in China in 2013 and has over the years grown beyond borders into a number of nations that include Hong Kong, Korea, Japan and the United States.
Huobi ranks among the top five cryptocurrency exchanges in the world, with an accumulated trading volume of over $1trillion since it was founded, and a native token trading above $1.50 as listed on CoinmarketCap as at the time of writing.
Earlier this year, the exchange was reported to have expanded into the European market by establishing an office in London in a move that the company’s Vice President described as an absolute entry point for his company into the European market.
On the other hand, BitTrade as an exchange also boasts of achieving certain milestones and creating its own reputation in the cryptocurrency marketplace. The exchange is among the 16 licensed cryptocurrency exchanges in Japan that came together to form a self-regulatory body, shortly after the infamous $530 million Coincheck theft earlier this year.
In the wake of this recent acquisition, the Board Secretary and Chief Financial Officer for Huobi, Chris Lee notes that his company will leverage on the capabilities and international network of BitTrade owner, Eric Cheng as the company continues to expand geographically.
“We strongly believe in the synergies we can create through continued investment into R&D, and compliance, backed by our world class security and local operations teams across the globe. 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”, says Lee.
Cheng is popular for his vast experience in international investments and cryptocurrency entrepreneurship. He and his team are also reputed for their expertise in sourcing high-quality digital assets and investments, specialising in initial coin offerings, crypto exchanges among other related ventures.
As mentioned above, this partnership is expected to enable Huobi to scale significantly and expand into regions where its presence has hitherto not been felt previously.