Huobi Purchase Majority Share Of BitTrade
A subsidiary of Huobi, Houbi Japan is ready to take over as the largest shareholder of BitTrade. 100% of the shares are to be gotten from Joyful Limited BVI, that holds all beneficiaries interest in the company.
The share was formerly owned by FXTF Asset Investment Private Ltd., holding 75% and the FX trade financial with 25%.
Also, the leadership of BitTrade was reshuffled as Haiteng Chen the acting President of Huobi Japan was named the chairman of BitTrade. Chris Lee that abandoned his role at OKEx and OKCoin in May also joins the Huobi team as independent director, while Huo Li, Huobi Inc. CEO will assume the role of an outside director.
BitTrade, one of the sixteen licensed cryptocurrency exchanges in Japan is determined for more global reach through the Huobi acquisition. Huobi Japan is more interested in aggressively developing the platform for more professional and user-friendly services.
Chris Lee, the new director of BitTrade and the CEO of Huobi Japan, stated that the goals of Huobi would be achieved by the firm leveraging on Mr. Cheng’s International Network and passion for the blockchain technology as the firm continues its geographical expansion. Lee further noted that the BitTrade team leadership and its license with the Japanese authority would be leveraged upon to make the firm the most dominant player in the Japanese cryptocurrency industry.
The acquisition will aid further expansion of Huobi, as well as the growth and development of BitTrade to an enviable status in the cryptocurrency space globally.
Acquisition of exchange by Japanese firms has become trending in the country recently, like Rakuten, the eCommerce giant also acquired an exchange to expand its reach into the cryptocurrency space.
About BitTrade and Huobi
Huobi is a Singapore-based cryptocurrency exchange. Founded in China, the company now has offices in Hong Kong, Korea, Japan, and the United States. In August 2018, the exchange became a public listed Hong Kong company. Founded in 2013, Huobi has grown to become one of the largest cryptocurrency exchanges in the world, with many branches and subsidiaries created through its cloud platform.
BitTrade is the only licensed Japanese exchange that has been fully acquired by a foreign investor, Singaporean multi-millionaire and entrepreneur Eric Cheng.