Huobi

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Huobi
Huobi-logo.jpg
Founded 2013
Headquarters Singapore
Key People Chris Lee, CFO
Products Cryptocurrency Exchange
Twitter @Huobicom
LinkedIn Profile
Facebook huobipro
Website Huobi

Huobi, headquartered in Singapore, is the world's third-largest cryptocurrency exchange platform by trade volume.[1]

Background

Huobi was one of the three early Chinese exchanges that at one time together accounted for 90 percent or more of global bitcoin volume. As the legal conditions for trading bitcoin in China became less amenable, Huobi launched a new brand called "Huobi Pro" from its new headquarters in Singapore.[2] On May 21, 2018, Huobi Pro was rolled out to the European and Asian markets.[3] In July 2018 Huobi announced that it would accept customers from the U.S. on its "strategic partner" platform owned by a subsidiary, HBUS.[4]

Huobi was branding all of its trading platforms as "Huobi Global" and said that it offered services to customers in 130 countries by December 2018[5]

Huobi offers a number of different markets, including an OTC market priced in Chinese yuan, crypto-to-crypto exchange trading, and margin trading. According to CoinMarketCap, a cryptocurrency data reporting service, Huobi's most actively traded pairs on its spot markets are bitcoin or another cryptocurrency against U.S. dollar Tether.[6]

Huobi Cloud

In July 2018, Huobi announced the official launch of Huobi Cloud, a new arm of its business focused on creating a "one-stop solution" for digital asset exchange.[7]

Huobi Cloud will rely on Huobi's existing digital asset exchange platforms to provide its partners tools for setting up their own OTC and currency exchange platforms.[8]

Huobi DM

Huobi announced the launch of its derivatives market, Huobi DM, at a developers conference in New York on November 28, 2018. The contracts will have weekly, monthly and quarterly settlements and will offer varying degrees of leverage.[9]

BitTrade

In the first transaction granting full ownership of a regulated cryptocurrency exchange to a non-Japanese person, Singaporean entrepreneur and investor Eric Cheng announced on May 30, 2018, that his Upper Joy Limited had purchased 100 percent of the shares of BitTrade Co., Ltd., one of 16 cryptocurrency exchanges licensed by the Japanese Financial Services Agency. The deal worth about $50 million included BitTrade's affiliate, FX Trade Financial Co., Ltd.[10] On September 12, 2018, Huobi announced that its subsidiary, Huobi Japan Holding Ltd, had acquired 60% of BitTrade with an eye toward expansion into Japan.[11][12] BitTrade told its customers in early December 2018 that it shortly would re-launch its trading under the Huobi name.[13]


References