Huobi’s Japanese unit, Huobi Japan, has reportedly raised 500 million Japanese yen in new equity funding.
The equity funding, which Huobi announced, is part of their capital policy for business expansion in Japan, was done by FPG corporation, a Japanese financial services group via a by third-party allotment. The exchange also issued shares to FPG for successfully raising $4.6 million.
“We are confident that we can create safer and more reliable services for our customers,” said the exchange, which is licensed with Japan’s Financial Services Agency (FSA), the country’s financial market watchdog. Japan requires all cryptocurrency exchanges to get registered with the FSA to operate in the country.
Huobi Japan plans on using the funds to contribute to the country’s securities market and create new financial assets and provide better payments method, digitally.