Financial Products Group (FPG) Buys $4.6 Million of Huobi Japan Shares, Here’s Why
On October 25, Huobi Japan raised nearly $4.6 million from Financial Products Group (FPG) reports Coin Desk. In particular, the latter firm, an expert within the finance and real estate fields, purchased 499,968,000 Yen worth of shares from Huobi Japan.
According to FPG, one of the reasons for underwriting this capital increase rests in Huobi Japan’s plans to expand within Japan and their need for capital. However, the make or break decision to do so rests in Huobi Japan’s expected services including that of new financial assets and payment methods.
In addition to the latter two, FPG shared that they plan to collaborate with Huobi Japan with the intentions of digitizing,
“the Japanese securities market by combining the FPG Group’s know-how as a financial instruments business operator with Huobi Japan’s blockchain technology.”
As for FPG’s ownership since investing millions has yet to be revealed and it seems like the firm has not responded to the news outlet’s request for clarification.
Huobi is a Singapore-based cryptocurrency exchange that flourished into existence in 2013. Initially founded in China, the exchange has been able to expand to many locations including the likes of Hong Kong, Korea, Japan and the U.S.
With security serving as their foundation, the crypto firm aims to leverage its high security, digital asset wallet service. Its platform is said to be protected by DDoS-mitigation layer and multi-factor authentication. Such efforts are done to garner the support of customers, while ensuring that they are also well-protected.