Huobi Japan, a licensed Financial Services Agency (FSA) cryptocurrency exchange, today announced plans to raise approximately JPY 500 million (USD 4.6 million). The funding will be done through a new issuance with Tokai Tokyo Financial Holdings (TTFH) in a private placement.
TTFH is a comprehensive securities firm that provides financial services such as dealing, distribution, brokerage, underwriting, and distribution of securities and investment trust.
The stock issuance is set to take place in Q1 2020.
“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. 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 from partnering with Huobi Japan.”
– Haiteng Chen, CEO of Huobi Japan
The two firms plan to integrate resources to provide financial products and services for Japanese users.
In October, Huobi Japan secured USD 5 million in a round of funding with Financial Products Group (FPG), which is also a large traditional financial firm. Through the recent deals, Huobi continues to embark on a localization strategy in partnership with traditional firms in the domestic Japanese market.