Tokai Tokyo Financial Holdings, Japan’s financial services firm will invest about 500 million yen (nearly $4.6 million) in Huobi Japan.
On Dec. 26 a press release was published by Tokai that the investment with Huobi Japan will lead Tokai to acquire shares in the exchange.
Tokai intends to use the partnership with Huobi to promote new businesses in the areas of:
Crypto asset exchange
Initial exchange offerings
Local currency issuance
Crypto management
Storage services
Over the past year, Tokai Tokyo Financial Holdings reported revenue of 57.57 billion Japanese yen ($252.5 million) reported
The partnership will enable the firm to adopt blockchain as a part of its business development plan.
Huobi Japan’s Recent Update
In October, Huobi Japan raised 5 million yen ($4.6 million) from Finacial Products Group (FPG), a financial instruments business operator. Financial Products Group (FPG) and Huobi Japan will provide support for new financial assets and payment methods.
<img width="650" height="332" src="https://www.cryptonewspoint.com/wp-content/uploads/2019/12/crypto-exchange-huobi-japan-secures-4-6m-from-fpg-1.jpg" alt="huobi japan" class="wp-image-7789 lazyload"/>
As of September 2017, Huobi Japan got approved by Japan’s Financial Services Agency. Japan as of now has 21 registered crypto exchanges.
Source: Cointelegraph | Tokai Tokyo