Huobi Japan shared their Q1 2020 intentions to secure around JPY 500 Million ($4.6 million) in funding by issuing stocks to the Tokai Tokyo Financial Holdings (TTFH). TTFH is a Japanese financial services company that focuses on distribution, dealing, underwriting and brokerage of securities.
CEO of Huobi Japan, Haiteng Chen, commented on their ongoing relationship with TTFH:
“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. Huobi Japan being leader in security-focused blockchain technology was of big help in helping us the funding.”
It is expected that this funding attempt will help Huobi Japan in its continuous expansion intentions. The cryptocurrency exchange is undergoing a new business strategy where they collaborate with traditional Japanese companies. For example, Huobi Japan secured another $4.6 million funding through Financial Products Group (FPG) in October.
Another successful funding round from TTFH will show that this locally-oriented business strategy is sustainable and brings huge benefits. It also indicates that this is a good way to promote globalization of finance and stimulate blockchain technology development.
As for the upcoming issuance of stock, Haiteng Chen commented:
“Tokai Tokyo Financial Holdings’ choice 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.”
With the new partnership Huobi Japan and TTFH will be capable of integrating resources and thus provide cutting-edge financial services to Japanese users.