Cryptocurrency

SBI to launch crypto exchange in partnership with Huobi Group

SBI Group Huobi cryptocurrency exchange
Image used under CC0 license

Japanese financial services conglomerate SBI Group today announced a partnership with Huobi to jointly develop digital assets financial services in Asia. The Japanese company will launch digital assets exchange by early 2018. We had earlier reported of South Korean Shinhan Bank working on Bitcoin vault and wallet services.

Beijing based Huobi founded in 2013 ran its cryptocurrency trading platform for four years until the Chinese government banned all digital-currency exchanges in September this year. Huobi boasted of 1.65 million accounts — more than the tally at any of the existing exchanges in Japan. As of now, Huobi runs an exchange in Singapore. In September, SBI Virtual Currencies, a subsidiary of SBI Group registered as a virtual-currency exchange in Japan.

As reported by Nikkei Asian Review:

Huobi will take a 30% stake in SBI Virtual Currencies, a unit of the Japanese group, while SBI will purchase 30% and 10% interests in the Chinese partner’s Japanese and South Korean subsidiaries, respectively.

A press release by SBI read as:

According to the diversified needs of cryptocurrency investors, Huobi and SBI will conduct in-depth cooperation in areas such as capital and business. In addition to setting up two subsidiaries, Huobi and SBI will flexibly mobilize technologies, knowledge, and personnel to jointly develop digital asset-related businesses in Japan and the rest of Asia through mutual complementarity and strength.

Bank of America Wins Patent for Crypto Exchange System

In a related story, American banking giant Bank of America won a patent for cryptocurrency exchange that would convert one digital currency into another.