Hong Kong-based Madison Holdings is all set to buy 67.2 percent stake in BitOcean, a Japan-based firm which makes Bitcoin Automated Teller Machines. The enterprise has filed for acquiring a stake in BitOcean from third parties for USD 15.12 million.
On an interesting note, HDR Cadenza Management, a part of the HDR Global Trading and the owner of Hong Kong-based crypto exchange BitMEX, is also planning to buy a 51%stake in Madison Labs.
Raymond Ting-Wan on Partnership with BitOcean
Raymond Ting Pang-wan, Chairman at Madison Holdings stated that Madison Labs’ partnership with BitOcean will help the company diversify. He also added that Madison Labs will build its digital currency exchange in collaboration with BitMEX.
Pang-wan further elaborated on why Madison Labs is diversifying into financial tech domain saying,
“Our wine business is stable and profitable, but then it is small. It is hard to make wine trading into a very big business. This is why we have to diversify into financial technology and the cryptocurrency business – to achieve a better return for our shareholders. Virtual currencies and blockchain are getting more popular. Investing in the virtual currency sector will expand our income source.”
Cryptocurrencies continue to struggle and establish a proper- bottom. As per press time, Bitcoin is trading at $ 3822.22
Pang-wang, differs with the bearish trends accounting for negativity in the crypto sphere. He believes that while Bitcoin is cheap it’s the right term to buy the dip.
Japan has a well placed regulatory system for digital currency trading. In fact, the Asian nation accounts for a major 20% of Bitcoin trading in the world. After USA, Japan is the only other market which has a licensing system for crypto exchanges.
In October, the SFC ( Securities and Futures Commission ) of Hong Kong had announced that it will be soon harbor a testing environment for new technologies. It was also a part of the plan that securities regulator would bring some changes in the regulation of digital currency trading platforms.