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SBI Holdings partners with Huobi as it gears up for cryptocurrency exchange launch
SBI Holdings has entered into a partnership with Huobi Group – the operator of Huobi cryptocurrency exchange – as it prepares to launch its digital currency exchange.
In its press release, SBI Holdings said that it has reached a basic agreement on capital and business partnerships with Huobi Group. It plans to launch its ‘Digital Asset Exchange’ in an effort to expand into cryptocurrency exchange services to meet the diversified needs of investors.
Last October, SBI announced the establishment of a new company called SBI Virtual Currencies Co., Ltd., which will provide exchange services for digital currencies. SBI Virtual Currencies completed registration as a cryptocurrency exchange service provider on September 29, 2017.
As part of its efforts to develop a sound IT infrastructure to support the cryptocurrency exchange service, SBI Holdings has inked a basic agreement with Huobi Group.
Under the terms of the agreement, SBI Holdings will use Huobi Group’s technology, know-how and human resource on developing the cryptocurrency-related business in the Asian region. It will also acquire 30% and 10% of equity in Huobi’s Japanese and Korean entities, respectively. In addition, Huobi Group will acquire 30% of equity in SBI Virtual Currencies.
In October, Huobi has announced the launch of its international trading platform, Huobi.pro, alongside the full cessation of all digital assets against the yuan's trading business.