Largest digital currency exchange, Huobi procured a majority stake in Japan-based BitTrade in a move that is gone for focusing at scaling the trading platform and giving it greater global recognition.
Now located in Singapore, Huobi was initially established in China in 2013 and has throughout the years developed beyond borders into various countries that incorporate Hong Kong, Korea, Japan and the United States.
Huobi ranks among the main five cryptocurrency exchanges in the world, with an aggregated trading volume of over $1 trillion since it was established, and local token trading above $1.50 as recorded on CoinmarketCap.
Earlier this year, the trade was accounted for to have expanded into the European market by establishing up an office in London in a move that the organization’s Vice President portrayed as an absolute entry for his company into the European market.
BitTrade as a trade that additionally gloats of certain milestones and achieving its reputation in the digital currency marketplace. The trade is among the 16 authorized cryptocurrency exchanges in Japan that came together to form a self-administrative body, recently after the scandal of $530 million Coincheck theft earlier this year.
In the wake of this ongoing securing, the Board Secretary and Chief Financial Officer for Huobi, Chris Lee notes that his organization will leverage on the capabilities and a worldwide system of BitTrade owner, Eric Cheng as the company continues growing geographically.
Lee stated that “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”.
Cheng is well known for his tremendous involvement in worldwide speculations and digital currency entrepreneurship. He and his team were also rumoured for their ability in sourcing excellent high-quality digital resources and investments in Initial Coin Offerings, crypto trades among other related ventures.
As stated above, this partnership is required to empower Huobi to scale significantly and expand into regions where its essence has until now not been felt.