The Japanese unit of popular cryptocurrency exchange, Huobi, has received nearly 500 million Japanese yen (~$4.6 million) from a financial instruments business operator, Financial Products Group (FPG), in new equity funding.
According to an announcement made by the exchange on Oct. 25, Huobi Japan issued “new shares” to the Japan-based FPG Corporation, which resulted in 499,968,000 yen fundraised.
Huobi Japan noted that the shares sale to the company was conducted through a third-party allotment; this entails that the shares were initially offered to a joint-stock company that later allotted them to FPG.
With the fund, Huobi Japan aims at contributing to the digitization of the Japanese securities market together with FPG. They plan to join their security-focused blockchain technology with the company’s professional financial business know-how to develop new financial assets and payment methods.
The exchange said in the announcement
We are confident that we can create more abundant, safer, and more reliable services for our customers.
Licensed by the country’s financial market watchdog, Japan Financial Services Agency (FSA), Huobi Japan is a fully-owned subsidiary of Huobi Global, a digital asset trading and asset management services firm.
As Coinfomania reported in September last year, Huobi Japan also acquired a majority stake in BitTrade, one of only 16 regulated digital currency exchanges in Japan.
- Crypto Price Update July 24: BTC Maintains $66K, ETH at $3.4K, XRP, TON, and ADA Rallies
- Bitcoin Falls to $65K as Mt. Gox Transfers $2.8 Billion BTC to External Wallet
- News of Marathon Digital’s $138 Million Fine for Breach of Non-Disclosure Agreement Triggers a Bearish 2.5% of Its MARA Stock
- Are $530M Bitcoin ETF Inflows a Blessing or Caution?
- Metaplanet Teams with Hoseki for Real-Time Bitcoin Holdings Verification
- Building Secure Blockchain Systems: An Exclusive Interview with ARPA and Bella Protocol CEO Felix Xu
- Building The “De-Facto Crypto Trading Terminal”: An Exclusive Interview with Aurox CEO Giorgi Khazaradze
- Building a New Global Financial System: An Exclusive Interview With Tyler Wallace, Analytics Head at TrustToken
- “Solana is the Promised Land for Blockchain” — An Exclusive Interview with Solend Founder Rooter
- El Salvador: Where The Bitcoin Revolution Begins With A Legal Tender