Japan’s internet-based financial institution SBI Group has entered into a partnership with China’s Huobi Group to launch two virtual currency exchanges. The one will probably be named “SBI Virtual Currencies,” and the other “Huobi Japan.”.
Under the agreement, the two leading exchanges will combine their platforms to establish a cutting-edge cryptocurrency-related business in the Asian region by utilizing Huobi’s “technology, know-how and human resources.”. He added that Huobi operates globally and has offices in Singapore, Hong Kong, Korea and Japan, creating an attractive synergy between the two groups because of their familiarity with the region..
According to SBI, Huobi has established a solid experience in the blockchain technology space which has been the basis for the basic agreement. It added: The partnership also allows SBI Group to 30% of equity in Huobi Group’s Japanese entity, Huobi Technology Japan Co., Ltd., and 10% of equity in Huobi Group’s Korean entity, the Huobi Co., Ltd..
On the flipside, Huobi Group can acquire 30% of equity in SBI Virtual Currencies, a subsidiary of SBI Holdings. News of a plan by SBI Holdings and its subsidiary SBI Ripple Asia to create a ‘consortium’ with several Japanese credit card companies to use the blockchain technology, has pushed prices of Ripple to a 20 percent rise in late December..
https://cryptovest.com/news/japans-sbi-group-partners-with-chinas-huobi-to-launch-two-cryptocurrency-exchanges-in-q1/
