The Huobi exchange has become a full-fledged owner of the Japanese BitTrade, buying up a controlling stake. Companies aim to significantly scale the trading platform and increase its global recognition.
Huobi was founded in Singapore in 2013 and has grown in popularity over the years in several countries, including Hong Kong, Korea, Japan and the United States. Huobi is one of the world’s five largest crypto-exchange exchanges with accumulated trading volume of more than $ 1 trillion since its inception, and its own token is trading above $ 1.50, according to CoinmarketCap. Earlier this year, the exchange expanded to the European market, creating an office in London.
On the other hand, BitTrade also boasts of its achievement and reputation in the digital assets market. The exchange is one of the 16 licensed crypto currency trading platforms in Japan.
After the recent acquisition, Huobi Japan Holdings general manager and Huobi Universal Inc CFO, Chris Lee noted that his company will use the opportunities and the international network of BitTrade, as the company continues to expand geographically.
Looking ahead, we will use an international network and a passion for blockchain technology, as we continue to expand our presence everywhere. Using the leadership team of BitTrade and the license issued by the Japanese government, we are aimed at taking a dominant position in the Japanese crypto currency market, says Lee
As mentioned above, it is expected that this partnership will allow Huobi to significantly expand its network and enter new markets for the company.