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SBI Holdings to acquire stakes in Huobi units


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SBI Holdings to acquire stakes in Huobi units

SBI Holdings Inc. plans to acquire stakes in a Chinese cryptocurrency trading platform's subsidiaries as it prepares to launch its own virtual currency exchange in 2018, The Nikkei reported Dec. 7.

SBI Holdings will take a 30% and 10% stake in Huobi's Japanese and South Korean subsidiaries, respectively, while Huobi will acquire a 30% stake in SBI Virtual Currencies, a subsidiary of SBI Holdings.

The Japanese group established SBI Virtual Currencies in September but it is still waiting to begin trades until it has a secure trading system. The partnership with Huobi will give SBI Holdings access to the Chinese company's expertise in exchange systems.

For its part, Huobi wants to tap the Japanese market and is looking to open platforms in the country as well as in Hong Kong and South Korea.