Cryptocurrency Exchange Huobi, SBI Holdings Partner For Japanbr>
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.