Huobi Heats up Competition in Japan With a New Banking Deal

Cryptocurrency exchange Huobi Japan has struck a partnership with Japan Net Bank, an online bank.

The deal, per a press release, will allow Huobi Japan customers to make fast yen deposits with a processing time of around 20 minutes at both Japan Net Bank itself, as well as the Sumishin SBI Net Bank. The service will be available 24 hours a day and customers will not be charged a fee for using it.

Huobi’s move comes hot on the heels of a USD 4.6 million investment injection from Tokai Tokyo, after a previous USD 5 million boost in October last year from the Financial Products Group.

Japan Net Bank is an internet-only bank established in 2000, and is a relative newcomer to cryptocurrency-related business – although it has previously taken part in blockchain testing for paperless administration with Tech Bureau, the operator of the Mijin mainnet, and Fujitsu.

The bank is part of the Softbank business empire, under holding company Z Holdings. The latter’s business interests include Yahoo Japan, which owns a 40% stake in the TaoTao cryptocurrency exchange platform.

Chat app Line’s e-pay platform Line Pay uses Japan Net Bank accounts for bank transfers.

Sumishin SBI Net Bank, meanwhile, is a joint-venture bank co-created by financial giants SBI Holdings and Sumitomo Mitsui Trust Bank.