One of the major cryptocurrency exchanges, Huobi, recently acquired a stake in the Japan-based BitTrade in an attempt to scale the trading platform and give it greater global recognition.
Huobi was originally founded in China in 2013 and has grown beyond borders over the years – serving customers in nations like Hong Kong, Japan, Korea and the United States. It also ranks among the top five cryptocurrency exchanges in the world that have an accumulated trading volume of over $1 trillion since its foundation – and a token trading that is above $1.50 as listed on CoinMarketCap.
After some reports claimed that Huobi was expanding into the European market by opening an office in London, BitTrade also boasts of creating its own reputation in the cryptocurrency marketplace. Right now, it is among the 16 licensed cryptocurrency exchanges in Japan that comes together to form a self-regulatory body, shortly after the infamous $530 million Coincheck theft that occurred earlier this year.
The Board Secretary and Chief Financial Officer for Huobi, Chris Lee, noted that his company will leverage the capabilities and international network of the owner of BitTrade, Eric Cheng. As he commented:
“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”
Meanwhile, BitTrade’s Eric Cheng is popular for his experience in international investments and cryptocurrency entrepreneurship – as well as his expertise in sourcing high-quality digital assets and investments.
This partnership will certainly allow Huobi to scale significantly and expand into new markets.
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