The Japanese subsidiary of crypto exchange Huobi has raised 5 million yen (around $4.6 million) in a recent equity funding round.
Announced on Friday, the exchange allocated new shares to Financial Products Group (FPG) via a third-party allotment.
The exchange also detailed that the fresh capital will be used in expanding its business in the country, providing a “safe, secure and customer-oriented” financial services platform. It is also planning to digitize the securities market of the country using decentralized ledger technology (DLT).
“[We are] aiming to contribute to the digitalization of the Japanese securities market by integrating the company’s professional financial business with our security-focused blockchain technology to provide new financial assets and payment methods,” the translated version of the announcement stated.
“We are confident that we can create more abundant, safer and more reliable services for our customers.”
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Easy entry to Japanese crypto market
Huobi Japan was launched as a full compliant entity after the Singapore-headquartered exchange majority stake in BitTrade, a Japanese crypto exchange. This also provided an easy entry for the exchange in the Japanese market as BitTrade already held the mandatory license from the Financial Services Agency (FSA) in Japan to operate a crypto exchange.
Once China’s largest crypto exchange, Huobi re-established itself in Singapore after an exile from its home country. Currently, the exchange is focusing on dominating the global markets and is constantly tapping new markets.
Most recently, it decided to open fiat deposits in Turkey for easing crypto trading services. However, the fiat-crypto trading pair will be limited to only one.
Meanwhile, in Japan, six established companies formed a self-regulatory association in the country to study business opportunities in the area of securities token offerings (STOs).