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Huobi Japan secures $4.6 million funding to further business expansion

Biraajmaan Tamuly



Source: Unsplash

One of the world’s leading cryptocurrency exchanges, Huobi Japan has raised nearly 5 million yen [$4.6 million] from the integrated financial services provider, Financial Products Group Co. Ltd. [FPG]. The Japanese arm of the Singapore-based crypto-platform Huobi has issued new shares to FPG Corporation for raising 499,968,000 yen with the aim to expand its business in the country.

Huobi Japan’s announcement read,

“We aim to expand our business by providing safe, secure and customer-oriented financial services using our know-how and IT technology.”

Huobi’s official release further stated that the platform is focused and aims “to contribute to the digitalization of the Japanese securities market” by integrating the company’s professional financial business with security-focused blockchain technology to provide new financial assets and payment methods.

According to the official document released by FPG on October 25, the capital increase through “third-party allocation implemented by Huobi Japan” is a part of the capital policy for business expansion in Japan. The announcement added,

“FPG focused on the future potential of Huobi Japan operating virtual currency exchange services that will make it possible to provide new financial assets and payment methods.”

The announcement also revealed that the two entities in a collaborative approach would also work towards providing support for new financial assets and payment methods.

“In addition, the FPG Group anticipates the possibility of collaboration with Huobi Japan for contributing to the digitization of the Japanese securities market by combining the FPG Group’s know-how as a financial instruments business operator with Huobi Japan’s blockchain technology”

Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.