Chinese Crypto Exchange Huobi Starts Operations in Australia
If you are a crypto enthusiast, chances are that you have heard of Huobi. They are a Chinese multi-language digital currency trading platform and exchange, with their headquarters in Singapore. Huobi is currently the fourth largest in the world, with $713 million in daily trade volume.
They have launched a new platform in Australia since the 5th of July where trading will start with ten pairs exchanged for the Australian dollar; including Bitcoin, Ethereum, Litecoin, Ethereum Classic and Bitcoin Cash. Chances of these expanding are great since the exchange said that “In the future, Huobi Australia will open more trading pairs to all users.”
This comes as a latest effort in Huobi’s endeavor to push globally and venture into untapped markets. Just last week they had announced their London-based operation serving the European market, with over-the-counter (OTC) trading set to begin later this year. The expansion was justified by Huobi European Exchange Director Lester Li as a “response to the high demand we have seen in Europe.” It is clear that this is a strategy to pursue a global investor base.
The CEO of Huobi Australia, Adrian Harrison reassured the media that he is thorough with the nature of “sophisticated” Australian investors. Adrian said, “Crypto-traders in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market.”
The company is not limited to its efforts in the crypto sector. It is also looking to contribute to the local expanding blockchain space in Australia. The company plans to use its $200 million Global Ecosystem Fund and its consulting service to “partner with the growing numbers of Australian blockchain projects” in the hopes of opening up the Australian market further.
“Crypto-traders in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market,” said Adrian.
Huobi’s alliance with Blockchain Global to develop and encourage the adoption of cryptocurrencies to Australians and the international market is another interesting development.
Blockchain Global CEO Sam Lee was very happy with this partnership and he said that the “strategic alliance with Huobi Australia represents our journey towards fostering the mainstream adoption of cryptocurrencies and blockchain technology, in Australia and around the world.”
Lee believes his company’s “technical expertise in running cryptocurrency exchanges” coupled with its long-standing “relationships with regulators, industry bodies and investors” will be beneficial to Huobi’s Australian expansion.