On 12th September, Huobi Global, a digital asset trading platform announced on Twitter, its partnership with BitTrade, a cryptocurrency exchange based in Japan. According to the agreement, Huobi Japan Holding Ltd, a subsidiary of Huobi Global will soon hold a majority of the stake of the Japanese-licensed exchange, BitTrade Co., Ltd.
Both Huobi and BitTrade have maintained that their focus is to scale up BitTrade aggressively in order to provide better professional and compliant services in its bid to enhance the global, user-friendly experience. Eric Cheng, a cryptocurrency entrepreneur and the owner of BitTrade stated:
“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.”
The collaboration will also aim to use Mr. Eric Cheng’s extensive network to further BitTrade’s reach to other areas around the world. BitTrade believes that through a long-term association with a brand such as Huobi, the growth trajectory for BitTrade could be swift.
BitTrade is one of the 16 existing regulated, Japan-government approved cryptocurrency trading platforms. According to reports, almost one-third of the national Bitcoin transactions made in December of 2017 were denominated in Yen. Mr. Chris Lee, the Board Secretary, and Chief Financial officer of Huobi said:
“We found the right partner in Mr. Cheng who has demonstrated his capabilities as an international entrepreneur with a strong track record. 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.”
Mr. Chris Lee further stated:
“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.”
Founded in 2013, Huobi is a Singapore-based platform with a trading volume of more than $1 trillion since its formation. The exchange is said to consist of millions of users from across the world accounting for half of the world’s cryptocurrency transactions. The organization has offices set up in Hong Kong, Korea, Australia, Japan, the United Arab Emirates, Luxembourg, and the United States amongst others.
BitTrade which was established in 2016 and based in Japan is a platform wherein users can monitor their accounts constantly. Additionally, users are provided with high definition charting and technical indicators. Moreover, users are allowed to train in Bitcoin, Bitcoin cash, Ripple, Ethereum, Litecoin amongst others.
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