Huobi Japan Receives $4.6 Million

On October 25, Huobi Japan has received almost 500 million yen ($4.6 million) in investment from a Tokyo-listed company involved in leasing, real estate, insurance brokerage and mergers and acquisitions.

According to releases from the company and the investor, Financial Products Group (FPG) purchased 499,968,000 yen worth of shares from the Japanese subsidiary of Singapore-incorporated Huobi Asset Investments on Oct. 25.

FPG said it bought into the company because of its prospects, as Huobi Japan will be developing solutions related to virtual currencies and payments, and the two may plan to collaborate on projects related to tokenization of the securities market, given FPG’s expertise in finance and real estate.

The exact use of funds was not detailed, though the companies said the new capital will be deployed in financing Huobi Japan’s expansion in the country.

It is not clear from the announcement what percentage of ownership the Japanese investment company will receive, though the disclosure did say that Huobi Japan’s paid-up capital was $5.7 million, while the company’s website puts total capital, including reserves, at $11 million as of February 2019. (Positive)

China Studying Blockchain and AI for Cross-Border Financing

China is looking into the application of blockchain and Artificial Intelligence (AI) to cross-border financing, Reuters reports on Oct. 27.

Blockchain in risk management

Lu Lei, the deputy head of the Chinese regulator State Administration of Foreign Exchange (SAFE), reportedly said that there are plans to use blockchain and AI in cross border financing, with particular attention devoted to risk management applications. 

Lei noted that SAFE promotes the application of fintech and AI to international finance and macro-prudential management.

His urge to innovate is in line with the remarks of China’s President Xi Jinping, who recently called for the country to accelerate its adoption of blockchain technologies as a core for innovation. Lei also highlighted the importance of managing the risk:

“We need to pay special attention to the rapid development of digital finance and fintech. […] When we are not entirely certain where a (new) form of business is heading, we must pay attention to risk management.” (Positive)

Bahamas to Release Fiat Digital Currency to Counter Cash Dependence

The Central Bank of the Bahamas (CBOB) is planning to release its own fiat digital currency in order to ensure economies’ resilience in the event of a natural disaster.

CBOB governor John Rolle made the statement during his speech at the Counsellors Limited’s Exuma Business Outlook at Sandals Emerald Bay, local news publication the Nassau Guardian reported on Oct. 25. According to Rolle, digital currency has the ability to free the country from dependency on cash — particularly useful after a natural disaster.

The digital currency is being developed under the auspices of Project Sand Dollar and will be the Bahamas’ first digital fiat currency. The currency is expected to be accompanied by an associated digital wallet and a card that will contain identical information. Rolle explained:

“It would permit wireless restoration of payments connectively, avoiding the cash shipment and cash handling frustrations. It would permit electronic dispersing of aid and allow families to recapture personal dignity by restoring the flexibility to prioritize the elements of personal need that they prefer to satisfy post-disasters.” (Neutral)

Posjetite našu Mjenjačnicu kriptovaluta

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