Almost $4.6 million has been received by Huobi Japan in investment from a Tokyo-listed firm dealing with real-estate, leasing, mergers, insurance transactions and acquisitions.
According to the releases from the two parties, Financial Products Group (FPG) bought out 499,968,000 yen worth of shares from the Japanese firm of the Singapore-based Huobi Asset Investments last week on October 25th.
As a brief recap on the platform, Huobi was founded in 2013 in Beijing. Its exchange subsidiary, Huobi Global, is currently ranked as the 15th largest crypto platform all over the globe as by reported volume, according to CoinMarketCap. The firm also has the Huobi Token, which is ranked 17th in terms of market capitalization.
Founded in 2016, Huobi Japan became a reality. Two years later and the firm gained BitTrade, which is a fully-licensed crypto platform based in the nation. The name changed to Huobi Japan quickly and trading began in January 2019 in six cryptocurrencies including XRP, Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
As reported by CoinDesk:
“FPG said it bought into the company because of its prospects, as 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.”
In terms of what the funds would be specifically used for is unknown although the firm said the new capital will be deployed in financing Huobi Japan’s expansion in the nation.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!