Huobi BitTrade acquisition agreement has been inked by the two cryptocurrency sector giants. According to the agreement, Huobi Japan Holding Ltd. will get 100 stake in Japan's BitTrade.
17 September, AtoZ Markets – Huobi Japan Holding Ltd., Huobi Global’s wholly owned subsidiary, has reportedly acquired a majority stake in Japan’s BitTrade. BitTrade is one of the 16 regulated cryptocurrency exchanges in the country.
Huobi BitTrade Acquisition Details
According to a number of online reports, Huobi Japan is expected to get 100 percent of the shares from True Joyful Limited BVI. The latter holds all of the beneficiary interest in the company. FXTF Asset Investment Private Ltd. has reportedly had 75 percent of the shares, whereas FX Trade Financial held 25 percent.
The current president of Huobi Japan, Haiteng Chen, has been also named as a head of BitTrade. Charlie Lee has been appointed as an independent director. Mr. Lee has left his positions as CEO of OKEx and CFO of parent operator OkCoin back in May to join the Huobi team. Huobi Capital Inc. CEO, Huo Li, is anticipated to take on the role of an independent director, as well.
Both companies’ officials are committed to developing the platform in order to expand its global reach. As per some of the online media reports, Huobi Japan will “aggressively scale up the platform” to enable more user-oriented and professional services.
The new BitTrade director, the CEO for Huobi Japan Holdings and, CFO for Huobi Universal Inc, Mr. Lee, has further explained the goals of BitTrade’s future strategy. Mr. Lee has been quoted as saying:
“Looking ahead, we will leverage on Mr. Cheng's international network and passion for blockchain technology as we continue to expand geographically [...] 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.”
Huobi to Support INR Transactions?
Huobi is one of the biggest cryptocurrency exchanges in the world, now ranked the fourth largest by daily trade volumes. The company has accumulated more than $1 trillion since its establishment back in 2013. It has the presence in Singapore, Korea, Hong Kong, Australia, the UAE, Luxembourg, and other locations.
BitTrade is one of the 16 regulated exchanges in Japan, as we mentioned previously. It is the only one that is fully acquired by the international investor, Singaporean multi-millionaire and entrepreneur Eric Cheng.
Earlier this summer, AtoZ Markets reported that Huobi is reportedly planning to support Indian rupee (INR) transactions on its proprietary peer-to-peer trading platform.
Some of the online reports cite the email from Huobi, where the company has revealed its plans to offer Indian users fee-free trading on Bitcoin, Ethereum, and Tether using rupees. The email reads:
“We do think it’s time that we provide a solution of buying/selling digital assets with INR for all Indian users...every registered Indian user of Huobi can log in to https://otc.huobi.com to trade digital assets with INR.”
Moreover, the reports state that the email further advises customers that it is possible to transfer to Huobi Global in order to trade more cryptocurrencies with “high liquidity.” The over-the-counter option for Indian users is still not confirmed in the official statement from the company.
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