Singaporean entrepreneur Mr. Eric Cheng announced today that Huobi Global’s wholly owned subsidiary, Huobi Japan Holding Ltd (“Huobi”), will take a majority stake in Mr. Cheng’s wholly owned Japanese-licensed cryptocurrency exchange, BitTrade Co., Ltd. (“BitTrade”).
Huobi is one of the world’s largest digital asset exchanges which has accumulated a trading volume of over US$1 trillion since its establishment in 2013. Huobi now serves millions of users around the world. Geographically, Huobi has compliance teams in Singapore, Korea, Hong Kong, Australia, the UAE, Luxembourg, and other countries around the world.
Today, BitTrade is one of only 16 regulated and Japanese government-approved cryptocurrency trading platforms. Against the backdrop of rising demand for trading in cryptocurrencies that has swept across the globe, BitTrade remains positioned to capture the growing demand for cryptocurrency trading in Japan, where nearly one-third of global Bitcoin transactions in December 2017 were denominated in yen.
The management team of both platforms intend to aggressively scale up the platform to provide more professional and compliant services while enhancing its international user-friendly experience. Leveraging on Mr. Cheng’s extensive network, the team will also look to scale the platform in other regions across the globe.
Speaking on the strategic partnership between Huobi and BitTrade, Mr. Cheng commented, “We are delighted to be partnering with Huobi, a global leader in the cryptocurrency industry which continues to grow exponentially. 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.”
Mr. Chris Lee, Board Secretary and Chief Financial Officer for Huobi said, “We found the right partner in Mr. Cheng who has demonstrated his capabilities as an international entrepreneur with a strong track record. Looking ahead, we will leverage on Mr. Cheng’s international network and passion for blockchain technology as we continue 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.”