Cryptocurrency Exchange Huobi, SBI Holdings Partner For Japan

Announcements, News | December 8, 2017 By:

Chinese cryptocurrency exchange Huobi has partnered with Japan’s SBI Group to set up two new cryptocurrency exchanges.

Huobi is one of the largest cryptocurrency exchange platforms in China. On Oct. 31, Houbi shut down all trading services for local customers due to a months-long crackdown by Chinese authorities. The company is now planning to set up a cryptocurrency exchange in Japan.

SBI Group is a financial services company group based in Tokyo, Japan. The group’s businesses and companies are held primarily at SBI Holdings, the group also operates SBI Graduate School, a business school, and a children’s charity foundation as well. Earlier this year, SBI announced the establishment of a new cryptocurenncy business called SBI Virtual Currencies. It completed registration as a cryptocurrency exchange service provider on September 29.

Under the agreement, SBI Holdings will use Huobi’s technology, know-how and human resource on developing IT (information technology) infrastructure for SBI Virtual Currencies, including IT systems and security measures. It will also purchase 30% of equity in Huobi Japan and 10% interest in Houbi’s South Korean subsidiary, while Huobi will take a 30% stake in SBI Virtual Currencies.