Huobi Japan raises $4.6M in new funding to expand in the country

Cryptocurrency exchange Huobi’s Japanese unit, Huobi Japan, has raised 500 million yen (~$4.6 million) in new equity funding.

Announcing the news on Friday, Huobi Japan said it has issued “new shares” to the Japanese financial services group FPG Corporation for raising 499,968,000 yen. The shares sale is via a third-party allotment and is “part of our capital policy for business expansion in Japan,” said the exchange.

With the fresh funding in place, Huobi Japan said it is aiming to contribute to the digitalization of the country’s securities market and provide new financial assets and payment methods.

“We are confident that we can create … safer and more reliable services for our customers,” said the exchange, which is licensed with Japan's Financial Services Agency (FSA), the country’s financial market watchdog.

Huobi Japan was set up last year after Huobi Group acquired a majority stake in local licensed cryptocurrency exchange BitTrade. Japan requires all cryptocurrency exchanges to get registered with the FSA to operate in the country.

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Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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