China’s largest Bitcoin exchange, Huobi will be setting up shop in Japan and South Korea, with a major bank deal. Before the ban on digital currency exchange, Huobi was the largest trading platform in China. They have chosen Japan and South Korea, as they are some of the biggest cryptocurrency markets in the global market. Toward the end of 2017, three of China’s trading exchanges, BTCC, Huobi, and OKCoin moved their practices to Hong Kong. They have been processing large volumes since their move. Huobi has changed its name to Huobi Pro and has now signed up with SBI Group. SBI Group is the biggest Japanese financial institution. The alliance of Huobi Pro and SBI, will lead to a large-scale digital currency trading exchange for South Korea and Japan. SBI has secured 30 percent of Huobi Pro’s equity. This is a big alliance for the cryptocurrency market and will help to avoid any conflicts of interest between Japanese financial institutions. SBI is looking to administer virtual bank accounts, transactions, and infrastructure for Huobi’s exchange platform. With SBI’s help and reputation, it will help Huobi reach South Korean markets.
Japan’s and South Korea’s digital currency market consist of 40 percent of Bitcoin exchanges and 10 percent Ethereum exchanges. Huobi will be able to achieve a better framework for Japanese and South Korean trading platforms. Not to mention the fact that Huobi had the top trading volumes on a daily basis, compared to any other exchange in the world, that is before it was banned in China. Huobi will be able to cater to high profile investors and institutional traders. All of these big cryptocurrency exchanges, will cause an aggressive growth of local digital currency markets in South Korea and Japan.