Huobi acquires Singaporean entrepreneur Eric Cheng’s crypto exchange BitTrade

cryptocurrency
Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/Illustration/Files

Huobi Japan Holding Ltd, a wholly owned subsidiary of global crypto giant Huobi, has announced that it will pick a majority stake in Singaporean entrepreneur Eric Cheng’s wholly owned Japanese-licensed cryptocurrency exchange, BitTrade Co., Ltd. (BitTrade), according to an official release.

Financial terms of the deal were not disclosed.

Post acquisition, the management teams of both platforms intend to scale up the platform and improve user experience.

Founded in 2016, BitTrade is one of the leading cryptocurrency exchanges in Japan.  It is also one of only 16 regulated and Japanese government FSA-approved cryptocurrency trading platforms.

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

Established in 2013, Singapore-headquartered Huobi is a digital asset exchange, which has accumulated a trading volume of over $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, it has also invested in more than 10 upstream and downstream companies.

Eric Cheng has vast experience in international investments and is a serial crypto entrepreneur.  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.

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