Huobi To Acquire Controlling Stake In BitTrade Crypto Exchange
Huobi Global, one of the world's largest cryptocurrency companies, is going to acquire a majority stake in the BitTrade exchange which was approved by Japanese regulators, their joint press release reports.
The parties haven’t disclosed the details of the deal, but it is known that partners hope to improve the professionalism of employees, develop the quality of services and expand the company's influence boundaries after the merger.
BitTrade is one of the 16 trading platforms that were licensed by the Japanese regulator. It was bought by Singaporean millionaire Eric Chen on May 30, 2018 with the deal worth $50 million. The businessman believes that a new partnership with Huobi, the trading volume of which has exceeded $1 trillion since it was founded in 2013, will become an important step to the company's development and will allow to take the leading positions in Japanese and global markets. He noted that among the advantages of Huobi there are a strong team of managers and advanced protection systems.
Chen is known as a major real estate investor who has established business relationships in Malaysia, China, Japan, Vietnam, Thailand, Taiwan, Australia and Cambodia.
Chris Lee, the Board Secretary and Chief Financial Officer of Huobi, said that his company managed to find a strong partner with international business experience, who will expand the company's influence on other regions. Lee revealed Huobi's intentions to make BitTrade the leading exchange in Japan's crypto sector.
As previously reported, Huobi bought a controlling stake in Pantronics Holdings, registered on the Hong Kong Stock Exchange (HKE).