Tokai Tokyo announced to invest 500 million yen worth $4.6 million in the Japanese branch of cryptocurrency exchange Huobi. The financial holdings firm aims to promote new businesses in the areas of crypto exchange, IEOs, and crypto management and storage services.
Tokai Tokyo will acquire shares in Huobi exchange.
According to the announcement, the investment in Japanese subsidiary of Huobi is part of a broader collaboration. Tokai Tokyo will acquire shares in the exchange. Financial Times reported that Tokai Tokyo earned revenue of $252.5 in the last year. The company said that this partnership is part of a wider effort to adopt new and emerging technologies like blockchain as part of its business development plan.
Huobi expands to eastern countries.
In September 2018, the Japanese branch of Huobi acquired a major stake in local cryptocurrency exchange BitTrade and changed its name to Huobi Japan. The company is expanding its reach in the eastern countries after it seized operations in the United States. The exchange cited regulatory reasons for suspending its services for US customers. Binance also announced several partnerships and acquisitions this year.