Huobi acquires majority stake in BitTrade 22957 Huobi website
News
Nitin Murali
Sep 12, 2018 at 11:07 PM

World’s largest cryptocurrency exchange, Huobi, acquired majority stake and will partner with BitTrade, a Japanese licensed cryptocurrency exchange.

BitTrade, is one out of the 16 regulated cryptocurrency trading platforms approved by the Japanese government

Taking advantage of Huobi’s global reach, brand and the support of the Singaporean Entrepreneur Eric Cheng’s networks in the international trade market, both the companies’ main intention is to belligerently scale this trading platform into the largest in Japan with high potentiality to widen its services to the global clients.

Both the management are looking forward to increase the platform to host professional and cooperative services while developing its user-friendly experience. Depending on Cheng’s extensive network, the management will also
look to extend their platform to regions across the world.

"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," said Cheng, stressing on the strategic partnership between Huobi and BitTrade.

Found the right partner in Cheng: Chris Lee

Chris Lee, Board Secretary and Chief Financial Officer, Huobi, expressed happiness and gratitude in partnering with Cheng.

"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," said Lee.

See Also:

Huobi might go public via reverse takeover as it plans to acquire public firm for $77mn

Ruden Holdings of Japan accesses Bitcoin and smart contracts for real estate transactions

Image via Shutterstock

Join our Telegram group