Global crypto giant Huobi acquires majority stake in Singaporean entrepreneur Eric Cheng's Japanese-licensed crypto currency exchange BitTrade
- Huobi, one of the world's largest digital asset exchanges, will partner with BitTrade, one of only 16 regulated and Japanese government-approved crypto currency trading platforms
- Leveraging on Huobi's global footprint, brand and the support of Mr. Cheng's international network, the parties intend to aggressively scale this trading platform into the largest in Japan with the potential to extend its services globally
SINGAPORE, Sept. 12, 2018 /PRNewswire/ -- Singaporean entrepreneur Mr. Eric Cheng announced today that Huobi Global's wholly owned subsidiary, Huobi Japan Holding Ltd ("Huobi"), will take a majority stake in Mr. Cheng's wholly owned Japanese-licensed crypto currency exchange, BitTrade Co., Ltd. ("BitTrade").
Huobi is one of the world's largest digital asset exchanges which has accumulated a trading volume of over US$1 trillion since its establishment in 2013. Huobi now serves million of users around the world. Geographically, Huobi has compliance teams in Singapore, Korea, Hong Kong, Australia, the UAE, Luxembourg, and other countries around the world.
Today, BitTrade is one of only 16 regulated and Japanese government-approved crypto currency trading platforms. Against the backdrop of rising demand for trading in crypto currencies that has swept across the globe, BitTrade remains positioned to capture the growing demand for crypto currency trading in Japan, where nearly one third of global bitcoin transactions in December 2017 were denominated in yen.
The management team of both platforms intend to aggressively scale up the platform to provide more professional and compliant services while enhancing its international user-friendly experience. Leveraging on Mr. Cheng's extensive network, the team will also look to scale the platform in other regions across the globe.
Speaking on the strategic partnership between Huobi and BitTrade, Mr. Cheng commented, "We are delighted to be partnering with Huobi, a global leader in the crypto currency 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."
Mr. Chris Lee, Board Secretary and Chief Financial Officer for Huobi said, "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 crypto currency market."
About BitTrade Co., Ltd.
Founded in 2016, BitTrade is one of the leading crypto currency exchanges in Japan. BitTrade is one of only 16 regulated and Japanese government FSA-approved crypto currency trading platforms. With BitTrade, users are able to monitor their accounts 24/7 with high-definition charting and technical indicators all on one easy-to-use platform. Users may trade Bitcoin, BitcoinCash, Ripple, Etherum, Litecoin, Monacoin and many other crypto currencies at the touch of a finger. The platform is known for its fast execution, outstanding trading support and high security. For more information, visit https://bittrade.co.jp/
About Huobi Global
Huobi Group is the leading global digital asset service provider. The company is committed to providing customers with safe, professional, compliant and honest services.
Established in 2013, Huobi has become one of the world's largest digital asset exchanges with an accumulated trading volume of US $1 trillion. Having once accounted for half of the world's digital asset transactions, Huobi now serves millions users around the world. It has established compliance service teams in Singapore, Korea, Hong Kong, Australia, the UAE, Luxembourg and other countries and regions around the world, Huobi is able to provide safe, compliant and reliable digital asset services to its customers. To date, Huobi Group has also invested in more than 10 upstream and downstream companies. Its investors include ZhenFund and Sequoia Capital. For more information, visit https://www.huobigroup.com/
About Mr. Eric Cheng
Eric Cheng has vast experience in international investments and is a serial Crypto Entrepreneur. Eric has a high-performance team that is dedicated to sourcing high-quality digital assets and investments specialising in initial coin offerings, crypto exchanges, blockchain consultancy and next generation financial services powered by blockchain technology. Eric has investments in countries/regions such as Australia, Mainland China, Cambodia, Japan, Malaysia, Singapore, Taiwan, Thailand and Vietnam where his team has identified high-growth opportunities. Eric and his team studies and develops multi-million-dollar digital transformations, software development, and innovative tech solutions to create world class security exchange systems and trading centres around the world.
Eric is frequently featured in the international media including BBC, CNN, Channel News Asia, CoinDesk, Crypto Times, Tech in Asia, Straits Times, Lianhe Zaobao, The Business Times and many others. Eric is also the keynote speaker in various Crypto and Blockchain related seminars and is a multi-award-winning entrepreneur, having invested in real estate development, automobiles and other investments. Eric was the recipient of several notable awards including the Young Entrepreneur of the Year Award in 2008, the Entrepreneur of the Year award in 2010 and the Young Entrepreneur of the Year at the 2011 Asia-Pacific Entrepreneurship Awards. He has held several C-suite level management positions in listed companies across Asia.
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