Huobi Japan (Reg. No. 00007) announces plans to raise approximately JPY 500 Million (USD 4.6 Million) in new funding. The funding was raised by issuing new stocks to the Tokai Tokyo Financial Holdings (TTFH) through private placement. The stock issuance is set for Q1 2020. TTFH is a comprehensive securities firm that provides financial services such as dealing, distribution, brokerage, underwriting, and distribution of securities and investment trust.
“As Huobi Japan continues to provide safe, secure, and customer-first financial services, we will benefit from the capital and business alliance with Tokai Tokyo Financial Holdings,” said Haiteng Chen, CEO of Huobi Japan. Chen added, “Huobi Japan being leader in security-focused blockchain technology was of big help in helping us the funding.” The funding is expected to aid Huobi Japan in ongoing expansion plans.
With the achievement, the firm has been able to embark on a localization strategy in partnership with traditional firms in the domestic Japanese market. In October, Huobi Japan also secured an approximately USD 5 Million round of funding Financial Products Group (FPG), which is also a large traditional financial firm. With a second large round of funding from TTFH secured, Huobi Japan has shown alliances with local companies are sustainable and will continue to expand, further promoting the globalization of finance and accelerate the development of block chain technology.
Commenting on the issuance, Chen added “That Tokai Tokyo Financial Holdings chose to collaborate with Huobi Japan indicates greater mainstream recognition of our blockchain technology by traditional brokerage services. TTFH is a comprehensive securities firm, which will find many areas to benefit in from partnering with Huobi Japan.” The two firms will now be able to integrate resources to provide optimal financial products and services for Japanese users.