Tokai Tokyo Financial Holdings – a financial services provider from Japan – has reportedly provided financial support, equivalent to 500 million yen (4.6 million), for the Japanese crypto exchange arm of Huobi.

Specifically revealed on December 26, the investment is an initiative, from a bigger, previously formed alliance between Huobi Japan and Tokai, in exchange for an amount of shares from Huobi Japan. 

Tokai has planned to utilize its collaboration with the Japan-based crypto exchange, in an effort to expand its businesses, related to the crypto asset exchange sectors, as well as initial exchange offerings, local currency issuance, and crypto management and storage services. 

Tokai further disclosed that the partnership is also one of its attempts to improve the adoption rate of cutting-edge techs, nominally blockchain, for its business development moves. 

Tokai reportedly has secured an amount of income, equivalent to 57.57 billion Japanese yen ($252.5 million), within the past year. 

As for Huobi Japan, the firm has successfully get ahold of a majority stake, in a different crypto exchange also located in Japan – BitTrade – back in September 2018.