Crypto exchange Huobi is expanding into the Japanese market by obtaining a majority stake in Bittrade, a Japanese government-approved crypto exchange.
The crypto exchange Huobi was founded in China back 2013, with its headquarter currently at Singapore. The company now claims to have an accumulated trading volume of over US$1 trillion, with “millions of users” worldwide.
Bittrade is in a strategic partnership with Huobi. The Singaporean entrepreneur Eric Cheng, who owns 100% of Bittrade, said:
” The parties intend to aggressively scale this trading platform into the largest in Japan with the potential to extend its services globally.”
Huobi also announced sometime last month that it is launching crypto exchanges in the Philippines, Russia, Taiwan, Indonesia , and Canada. Huobi strategy of accomplishing all these plans, is through partnerships with local companies.
Before this partnership with Huobi, Bittrade was not a new face in the Japanese market. In shot, Bittrade is one of the 16 FSA-approved crypto exchanges. Huobi got a good partnership indeed.