The financial services company Tokai Tokyo Financial Holdings will invest in the Japanese subsidiary of the Singaporean group Huobi.
According to a press release, Tokai Tokyo plans to invest 500 million yen, or about 4 million euros, in cryptocurrency Huobi Japan next January.
“Thanks to the alliance with Huobi Japan, we’re going to promote new digital asset-based businesses, ”Tokay Tokyo wrote, including supporting the Initial Exchange Offering (IEO) service launched by Huobi earlier this year.
Founded in 2009 in Tokyo, the financial services company also plans to extend the crypto-exchange activity to banks from the country.
In the fall of 2018, Huobi acquired a majority stake in the Japanese cryptocurrency exchange BitTrade, then reopened it under the brand Huobi Japan.
Earlier this year, the Singaporean company announced the development of a blockchain smartphone called Acute Angle.
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