The parent organization for crypto exchange Huobi global, Huobi Group, is making plans to open up the Middle East by offering white-label services to the exchange platform.
The company made these announcements on Thursday and said that Huobi Cloud was now available for the investors in the Middle East. Huobi Cloud is a platform that enables businesses to create their exchanges.
The existing exchanges in UAE include Sabi exchange, which is Nigeria-based, and HIZA, which is a South African exchange platform expected to go live before the year ends. Sabi is said to be having a daily trading volume of about $100,000.
The regional president for Huobi Group, Mohit Davar, showed CoinDesk how these already existing exchanges were planning to leverage the security resources on the international platform. They were also looking to deepen the liquidity status, which would be difficult to replenish by themselves.
The announcement by Huobi stated that digital payment providers were now able to offer crypto trading services to customers while using the principal exchange liquidity and trading pairs. Davar said that the Middle East had shown great interest in indulging and adopting blockchain technology. He added that Huobi had now created several digital asset services on a homogenous platform that investors can securely invest their funds most conveniently.
“UAE has shown a great appetite to engage and adopt blockchain technology. Today Huobi, provides a variety of digital asset services globally on a uniform platform for crypto enthusiasts to invest all under one secure, convenient and well-established exchange.”
Huobi is looking to expand even further in UAE and Africa as a fiat-crypto gateway was launched in Turkey in October. The Cloud service enables Huobi to spread and accommodate diverse institutions to trade cryptocurrencies.
Huobi’s Cloud service will perform the core functionalities of Huobi Group, which includes enhancing security systems that guard crypto transactions and enabling cryptocurrency trading. The exchange platform is looking for customers that have got a massive user base such as fintech companies and credit unions who would wish to engage in trading digital assets.
Huobi Cloud has assisted in deploying over 120 exchanges all over the world, including Huobi Thailand, Huobi Russia, Huobi Argentina, and Huobi Indonesia.