Eric Cheng Of Singapore Acquired Crypto Currency From Japan

We do bank transaction everyday with real cash such as currency exchange Vancouver but with the rise of crypto currency, the future of monetary exchange is no longer the same. One major news in the industry is the acquisition of Eric Cheng, a real estate entrepreneur form Singapore, of the two companies in Japan that were legally authorized to manage a foreign exchange as well as trade crypto currency. The deal was 100 per cent of the stake which is worth 67 million Singapore dollar or equal to $50 million in the United States currency.

Cheng is Upper Joyful Ltd’s CEO and because of the purchase, he is now the owner of the two companies namely FX Trade Financial Co Ltd also known as FX Trade and its affiliate firm called BitTrade Co Ltd. the former was established in 2006 to serve as a forex trading platform for Japan while the latter is among the 16 companies that is under the regulation of the government of Japan as a platform for trading crypto currency. These companies aim to serve the increasing demand of those who are dabbling with crypto currency.

According to the government of Japan, as of 2017, all platforms used for crypto currency trading are already legal. The expansion in the platform will have better results as the demand continues to increases in terms of crypto currencies as well as forex trading. This is not only happening in Japan but in other parts of the world as well. Furthermore, about a third of the transactions made internationally using bitcoin until December of 2017 were led by Japan’s currency, yen.

Another crypto currency acquisition has been making waves initiated by Yahoo Japan as it purchased 40 per cent of the stake from the crypto currency exchange known as BitARG. The investment was estimated to be from $18.5 to $27.8 million. Just like regular companies operating currency exchange Vancouver, BitARG has also received the legal authorization from the Financial Service Agency in order to operate a trading platform dealing with crypto currency on the domestic level.

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