Cryptocurrency exchange Huobi’s Japanese unit, Huobi Japan, is expected to raise another 500 million yen (~$4.6 million) in new equity funding.
Japanese financial services firm Tokai Tokyo Financial Holdings plans to invest the amount in Huobi Japan next month, according to an announcement Thursday. Tokai Tokyo said it has already signed a capital and business alliance agreement with Huobi Japan.
The planned investment is part of Tokai Tokyo’s new business plan, aiming to offer crypto and blockchain-based products and services. “Here in Japan, the relevant ministerial ordinances are expected in force next spring. Therefore, we believe that the business dealing with crypto assets and blockchain will accelerate further,” said the firm.
Specifically, Tokai Tokyo looks to get into crypto exchange, initial exchange offering (IEO) and related businesses, in partnership with Huobi Japan. “We consider expanding this business to partner regional banks and other regional banks in the future,” it added.
In October, Huobi Japan raised 500 million yen (~$4.6 million) from local financial services group FPG Corporation.
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.