Global Crypto Giant Huobi Aqcuires Controlling Stake in BitTrade

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by Eugenia Kovaliova · 3 min read
Global Crypto Giant Huobi Aqcuires Controlling Stake in BitTrade
Photo: Huobi / Medium

Huobi Japan Holding, one of the world’s largest digital asset exchanges, has acquired a majority stake in crypto exchange BitTrade, owned by a Singaporean entrepreneur.

As it has recently become known, Huobi Japan Holding, a wholly-owned subsidiary of digital asset exchange Huobi Global, has acquired a controlling stake in BitTrade, a Japanese-licensed cryptocurrency exchange owned by Singaporean entrepreneur Eric Cheng. The exact sum of the stake has not been revealed.

BitTrade was established in 2016 and aqcuired by Singaporean entrepreneur Eric Cheng a few months ago, in 2018. The exchange is officially approved by the Japanese government and allows users to monitor their accounts 24 hours a day with high-definition charting and technical indicators all on one easy-to-use platform.

Huobi represents itself one of the world’s largest digital asset exchanges, which currently serves around million of users globally. Since its establishment in 2013, it has already accumulated a trading volume of over US$1 trillion, which is more than impressive.

Within the recent collaboration, the two platforms aim to scale up the platform and improve its services, aswell as to enhance its international user-friendly experience.

As Eric Cheng has 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 Bit Trade into a market-leading position in Japan. Having a long-term partnership with an established brand such as Huobi is the right step for Bit Trade as we look to continue our rapid growth trajectory.”

Huobi CFO Chris Lee added that Cheng’s passion for blockchain technology will play an important role in Huobi’s further geographic expansion:

“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 Cheng’s international network and passion for blockchain technology as we continue to expand geographically. Leveraging on Bit Trade’s leadership team and its Japanese government-approved license, this is just the beginning as we look to grow Bit Trade into the most dominant player in the Japanese cryptocurrency market.”

On the Dezentral Summit held today, on September 12, 2018, in Berlin, Managing Director of Huobi Capital, Li Huo mentioned in his keynote speech that blockchain technology is not just a means to control cost and enhance efficiency. It is a social instrument to reconstruct productive relations and build trust. Huobi Capital is committed to further identifying entrepreneurs in the crypto-space and investing in their innovative projects to empower their growth.

Li Huo also noted that better development can only be reached with better regulation of the blockchain industry, and pointed out areas for cooperation in the crypto-space between China and Europe.

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