Huobi Japan receives USD 4.6 mln from Tokyo-listed financial services company

FPG is involved in leasing, real estate, insurance brokerage and mergers and acquisitions. The company said it bought shares from the Japanese subsidiary of Singapore-incorporated Huobi Asset Investments because of its prospects.

Huobi Japan will be developing solutions related to virtual currencies and payments, and the two may plan to collaborate on projects related to tokenization of the securities market, given FPG’s expertise in finance and real estate.

The exact use of funds was not detailed, though the companies said the new capital will be deployed in financing Huobi Japan’s expansion in the country, according to CoinDesk.

Huobi Japan was founded in 2016. In 2018, the company acquired BitTrade, a fully licensed crypto exchange in Japan. Bittrade’s name was changed to Huobi Japan, and trading began in January 2019 in six virtual currencies–XRP, BTC, ETH, BCH, LTC and MONA.