SBI forms crypto alliance with China’s Huobi

SBI Holdings, Inc. and Huobi Universal Inc. and companies under its umbrella a group engaging cryptocurrency related services in the China-centric Asian region, today announced that they have reached a basic agreement on capital and business partnerships.

At present, “Huobi.pro,” as a part of Huobi Group, is a cryptocurrency exchange based in Singapore. In addition to the digital assets exchange platform, the company has applied its advantages of cryptocurrency related technologies, know-how and human resources to develop its business in various fields such as information and research service business, wallet services for cryptocurrency management, etc. Huobi now operates globally and has offices in Singapore, Hong Kong, Korea and Japan.

SBI Holdings has been promoting the development of cryptocurrency-related businesses by establishing SBI Virtual Currencies Co. and preparing for the launch of new digital asset exchange based in Hong Kong, in an effort to expand into cryptocurrency exchange service. SBI Virtual Currencies completed registration as a cryptocurrency exchange service provider on September 29, 2017, and the company has focused on developing an IT infrastructure for providing the cryptocurrency exchange service, including IT systems and security measures, to be fully prepared for the anticipated inflows of customers from the SBI Group’s customer base

SBI Holdings has reached a basic agreement with Huobi Group to explore the following alliances:

・SBI Holdings’ use of Huobi Group’s technology, know-how and human resource on developing the cryptocurrency-related business in the Asian region.
・SBI Group’s acquisition of 30% of the equity in Huobi Group’s Japanese entity (Huobi Technology Japan Co., Ltd.) and 10% of the equity in Huobi Group’s Korean entity (Huobi Co., Ltd).
・Huobi Group’s acquisition of 30% o the equity in SBI Virtual Currencies, a subsidiary of SBI Holdings.