SBI Holdings partners with Huobi

Financial services company based in Tokyo partnered with Huobi to develop cryptocurrency-related business in the Asian region
07 December 2017   903

Today SBI Holdings, a financial services company group based in Tokyo, published a document, stating that SBI has reached a basic agreement on capital and business partnerships with Huobi Group.

Huobi Group currently operates cryptocurrency-related businesses including, a cryptocurrency exchange platform, as well as digital assets exchange platform, information and research service business and wallet services for cryptocurrency management.

According to the document, SBI Holdings will use of Huobi Group’s technology and human resource on developing the cryptocurrency-related business in the Asian region. SBI also intends to acquire 30% of equity in Huobi Group’s Japanese entity and 10% of equity in Huobi Group’s Korean entity while Huobi plans to acquire 30% of equity in SBI Virtual Currencies, a subsidiary of SBI Holdings.

In October SBI Holdings announced its intention to go deeper into the world of blockchain and build a "new financial ecosystem based on cryptocurrencies".

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   83

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.