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Japanese financial services firm Tokai Tokyo Financial Holdings has announced its plans to invest around 500 million yen ($4.6 million) in Huobi Japan, a Japanese subsidiary of cryptocurrency exchange operator Huobi Group.
According to a press release, the investment is planned for January 2020 which will see Tokai Tokyo acquiring shares of Huobi Japan. Further details on the impending investment have not been disclosed.
The investment is part of a larger capital and business alliance between the two companies. Under the agreement, Tokai Tokyo said that it will collaborate with Huobi Japan to “promote new businesses in the areas of crypto asset exchange, new financing schemes utilizing crypto assets such as Initial Exchange Offering (IEO), local currency issuance, and storage and management service associated with crypto assets.”
“We consider expanding this business to partner regional banks and other regional banks in the future,” it added.
In September 2018, Huobi Group acquired crypto exchange BitTrade and changed its company name to Huobi Japan in February this year. Currently, the company is primarily operating the crypto-asset exchange business with plans to expand into new areas such as local currency and IEO.
Last month, Tokai Tokyo invested $5 million in tokenized security startup iSTOX. Tateaki Ishida, President & CEO of Tokai Tokyo Financial Holdings, said at the time that the financial services landscape is approaching a pivotal period of change with the emergence of transformative technologies like blockchain.
"We believe that forward-looking providers of financial services must embrace this change if they wish to truly serve their clients in the new century,” he added.
Just recently, HBUS, Huobi’s strategic partner in the U.S., ceased its operations in the United States. In its announcement, HBUS had said, “We regret to inform you that HBUS will need to cease operations so that it can return in a more integrated and impactful fashion as part of its ongoing strategic layout.”
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