Cryptocurrency exchange Huobi is partnering with Japan-based investment group SBI to launch a pair of cryptocurrency exchanges.
Sometime next year, the two exchanges – dubbed "SBI Virtual Currency" and "Huobi Japan" – will offer yen-denominated cryptocurrency services, according to a statement on Huobi’s website. Though a firm release date hasn't been launched, Huobi indicated in its statement that its chairman Li Lin and SBI Group chairman Beiwei Kitao had signed a cooperation agreement establishing the exchanges.
It's a notable development for Huobi, formerly one of China's "Big Three" bitcoin exchanges prior to a months-long crackdown by Chinese authorities. That pressure ultimately led Huobi, along with BTCC and OKCoin, to cease offering trading services in that country earlier this fall.
Now, Huobi is moving to set up shop in nearby Japan, which has seen significant interest in cryptocurrency trading since the government there declared bitcoin a form of payment method earlier this year.
In its announcement, Huobi hinted at additional areas of cooperation between the two firms.
"In addition to setting up two subsidiaries, the two sides will flexibly mobilize technologies, knowledge, and personnel to jointly develop digital asset-related businesses in Japan and Asia through mutual complementarity and strength," the company said.
Japanese yen image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.