Huobi Group, a leading digital asset exchange service, recently announced that it was expanding its operations through five new partnerships.
The international blockchain asset firm has reportedly partnered with Asia Financial Holdings, Chi Fu Group, Dbank Group, Yatai International Holding Group, and Vnesheconombank to launch cryptocurrency exchanges in Indonesia, Taiwan, Canada, Philippines, and Russia, respectively.
According to Huobi’s announcement, its partners will use the company’s Huobi Cloud platform to build and deploy digital currency exchanges. Commenting on the Singapore-based exchange’s expansion efforts, Huobi’s senior business director David Chen stated,
“Together with Huobi Cloud’s corporate partners, we can offer a lower barrier for emerging economies to enter and participate in the burgeoning blockchain ecosystem.”
Huobi’s Proprietary Software Products
Notably, Huobi Cloud, which was launched on July 20, lets company’s clients to create their own digital asset trading platforms by using Huobi’s proprietary software products. These include easily deployable over-the-counter (OTC) exchange services, an asset management and clearing system, and a cryptocurrency wallet.
According to crypto market analysts, Huobi’s new partnerships will allow the exchange to expand its operations further by gathering more user data from many different geographic locations. Currently headquartered in Singapore and founded in 2013, Huobi also has offices in the United States, Japan, Korea, and Hong Kong.
After China’s nationwide crackdown on cryptocurrency exchanges and initial coin offerings (ICOs) in late 2017, the Huobi Group shifted its headquarters from Beijing to Singapore. Now, despite the declining prices of cryptocurrencies in 2018, Huobi appears to be moving forward aggressively with its expansion efforts.
Aggressive Expansion Efforts
However, crypto market analyst Katt Gu, who works for Strategic Coin, an American digital assets research company, noted that, “When the crypto market is going through a large setback, there will surely be less people interested in trading virtual currencies.”
While the crypto industry is struggling to raise capital due to regulatory uncertainty and the slow development of trading tools for institutional investors, it does not seem to have discouraged Huobi, Binance, Coinbase, and other major cryptocurrency exchanges from developing and launching new products and services.
Moreover, Huobi’s trading platform supports the trading of over 190 cryptocurrency pairs and exceeded $850 million in total transaction volume on its exchange in December 2017. Some of Huobi’s investors include Sequoia Capital, an American venture capital firm, early-stage investment firm ZhenFund, and Chinese real estate tycoon Dai Zhikang.
