New Huo Technology indirectly acquires Japanese cryptocurrency exchange BitTrade for 33.23 million USD

ChainCatcher news, according to AASTOCKS, New Fire Technology announced the acquisition of all issued share capital of Avenir Asset Holding for approximately $30.4621 million (about HKD 238 million). The company will pay for this by issuing up to nearly 110 million new shares. Avenir Asset Holding indirectly holds about 84.62% of the issued share capital of BitTrade. Avenir Asset Holding will become a wholly-owned subsidiary of the company, and BitTrade will become an indirect subsidiary of the company. BitTrade is primarily engaged in cryptocurrency trading.

The company also acquired approximately 7.69% of the issued share capital of BitTrade from Goldenway for $2.7694 million (about HKD 21.6016 million), and the company will pay for this by issuing up to 9.909 million new shares. The shares mentioned above will collectively account for up to approximately 20.33% of the company's enlarged share capital.

It is reported that BitTrade is a licensed virtual currency exchange service provider in Japan. BitTrade has joined the three major self-regulatory associations officially recognized by the Financial Services Agency, which have the ability to formulate and enforce cryptocurrency trading rules and standards in Japan, and can promote the introduction and development of the Japanese security token system. BitTrade is also a member of two associations in the Japanese crypto asset industry.