“This investment will help us to accelerate the growth of our business in the blockchain financial services,” Jeremy Antkowiak, CEO of Algoreg, said in a press release (PDF) on 11 September.
“Building a strong partnership with Algoreg allows Huobi to operates its business efficiently within the regulatory framework and stay top of international compliances,” the head of Huobi’s “Eco” unit, Run Wang, stated in the announcement.
Huobi is the world’s third largest digital currency exchange by daily trading volume.
Algoreg lets financial and gaming firms conduct required checks on their customers using an automated video chatbot. The company was founded in early 2017 and received $1m in series A funding earlier this year.
Huobi, the announcement said, “acquired a minority stake in Algoreg and will join its board of directors.”
An Algoreg representative told Delano the value of the transaction would not be disclosed.