Bit Trade is a Japanese government-approved platform, which Cheng bought for US$49 million in May 2018

Huobi Japan Holding, a wholly-owned subsidiary of digital asset exchange Huobi Global, has agreed to acquire majority stake in Bit Trade, a cryptocurrency exchange owned by Singaporean entrepreneur Eric Cheng.

The transaction details were not disclosed.

According to a press note, the management teams of both platforms intend to aggressively scale up the platform to provide more professional and compliant services, while enhancing its international user-friendly experience.

“Together, we will leverage on Huobi’s global footprint, excellent management team and advanced security systems to grow Bit Trade into a market-leading position in Japan. Having a long-term partnership with an established brand such as Huobi is the right step for Bit Trade as we look to continue our rapid growth trajectory,” said Chen.

Founded in 2016, Bit Trade is a Japanese government-approved cryptocurrency trading platform, which Cheng bought for S$67 million (US$49 million) in May 2018. With BitTrade, users are able to monitor their accounts 24X7 with high-definition charting and technical indicators all on one easy-to-use platform. Users may trade Bitcoin, BitcoinCash, Ripple, Etherum, Litecoin, Monacoin and many other crypto currencies at the touch of a finger.

Also Read: 5 hurdles that keep cryptocurrencies from going mainstream

Against the backdrop of rising demand for trading in cryptocurrencies that has swept across the globe, Bit Trade said it is positioned to capture the growing demand for cryptocurrency trading in Japan, where nearly one third of global bitcoin transactions in December 2017 were denominated in yen.

Established in 2013, Singapore-headqquartered Huobi is a digital asset exchange, which has accumulated a trading volume of over US$1 trillion since inception. Huobi claims it currently serves millions of users around the world. Geographically, Huobi has compliance teams in Singapore, Korea, Hong Kong, Australia, the UAE, Luxembourg, and other countries around the world. To date, Huobi has also invested in more than 10 upstream and downstream companies.

Huobi’s investors include ZhenFund and Sequoia Capital.

Chris Lee, Board Secretary and CFO for Huobi, said: “Looking ahead, we will leverage on Cheng’s international network and passion for blockchain technology as we continue to expand geographically. Leveraging on Bit Trade’s leadership team and its Japanese government-approved license, this is just the beginning as we look to grow Bit Trade into the most dominant player in the Japanese crypto currency market.”

A serial crypto entrepreneur, Cheng has vast experience in international investments. He has a team dedicated to sourcing high-quality digital assets and investments specialising in initial coin offerings, crypto exchanges, blockchain consultancy and next generation financial services powered by blockchain technology.

He has investments in countries such as Australia, China, Cambodia, Japan, Malaysia, Singapore, Taiwan, Thailand and Vietnam, where his team has identified high-growth opportunities.

The post Huobi acquires Singaporean entrepreneur Eric Cheng’s crypto exchange Bit Trade appeared first on e27.