Tokai Tokyo to Invest in Crypto Exchange Huobi's Japan Unit

Economy

Tokyo, Dec. 26 (Jiji Press)--Tokai Tokyo Financial Holdings Inc. <8616> said Thursday that it will invest in a Japanese subsidiary of Chinese cryptocurrency exchange operator Huobi Group.

The securities group plans to invest some 500 million yen in Huobi Japan Inc. at the end of January next year. Its equity stake is seen exceeding 4 pct.

Tokai Tokyo Financial aims to use crypto asset and other technologies to develop new business for individual and corporate clients, including smartphone-based services.

The company will also consider offering financial products and expertise brought through the tie-up to regional banks partnering with Tokai Tokyo Financial.

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