Singapore-based cryptocurrency exchange Huobi has announced its plans for huge global expansion, forming partnerships to launch new exchanges in Canada, Russia, Indonesia, Taiwan and the Philippines.
Originally launched in China back in 2013, Huobi has since moved its headquarters to Singapore and has offices in Hong Kong, South Korea, the United States, Thailand, Australia, and Japan. It is one of the largest cryptocurrency exchanges in the world with a 24-hour trading volume of just over $915 million.
The recent expansion sees the company form partnerships with Dbank Group, Yatai International Holdings, Vnesheconombank, Chi Fu Group and Asia International Finance (AIF). The companies recently launched Huobi Cloud platform provides its partners with an easy to implement, ready-made crypto-exchange solution.
While the individual exchanges will be locally managed, each will share the Huobi wallet, order integration, asset management and clearing systems. They will also benefit from the market data and liquidity of Huobi Global.
The Huobi Philippines branch in Manila already launched earlier this week, with further launches from the other four partners planned over late August and early September.
The new exchanges will support the same three markets currently available on existing Huobi platforms – Bitcoin (BTC), Ethereum (ETH) and Tether (USDT). Trading pairs are also available for 26 other cryptocurrencies.
Earlier this year Huobi was forced to suspend trading in Japan due to new regulations by the Japanese Financial Services Authority (FSA). The move followed a number of resignations by VP’s of Japan’s self-regulatory cryptocurrency board as a result of the new orders.
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