Chinese cryptocurrency exchange Huobi buys Quickwallet and Qukuai

Chinese bitcoin and litecoin exchange Huobi announced this week that it has acquired two significant cryptocurrency properties: Multi-signature wallet provider Quickwallet and blockchain explorer system Qukuai. The new services will dramatically expand Huobi’s commercial offerings, and may well represent an attempt to grow the company beyond its current niche as one of the “big three” cryptocurrency exchanges in China.

Both properties bring Huobi closer to being a one-stop bitcoin and litecoin service provider, allowing users meaningful new tools for analysis and security. Although such services exist in various forms already, such as BitGo and Blockchain.info, Chinese customers may greatly prefer to use programs created specifically for their language and market. Should the integration of these systems with Huobi’s trading platform prove successful, Huobi will be well equipped to expand these offerings into the rest of the Asian market.

Speaking with CoinDesk, Huobi spokesman Robert Kuhne said that the acquisitions served a dual purpose: “This is just the start of Huobi implementing a comprehensive strategy, not only to expand its own business, but to promote the development of the whole industry in China.”

It’s not known how much Huobi paid for the two companies, but CoinDesk speculated that it might have been in the eight-figure range. If true, this would push total bitcoin investment this year above $175 million.