Huobi Derivative Market Crosses $12 Billion in New Trading Volume for December 2018
The cryptocurrency derivative trading platform developed by Huobi has registered a trading volume of $12 billion in December. Huobi Derivative Market (Huobi DM) is a platform designed for institutional investors to trade crypto contracts. December was the first operative month for Huobi DM.
Launched on November 21, 2018, the platform allowed investors to trade different virtual currencies such as Ethereum (ETH) or EOS. The results shown by Huobi DM are very positive for the market since the industry has been in a bear trend throughout 2018 and until today.
Huobi is the third largest virtual currency exchange in the market in terms of trading volume. It registered $530 million in trading volume in the last 24 hours. ETH/USDT, BTC/USDT and EOS/USDT were the most traded pairs.
Back on December 10, 2018, the company announced that Huobi DM reached a daily trading volume of $195 million. This was achieved just a few days after being officially launched to the market. Later on December 27, Huobi DM reached $1 billion in daily trading volume.
On the matter, Livio Weng, the Chief Executive Officer of Huobi Global, commented:
“We’re incredibly happy with Huobi DM’s rapid growth in December and we think it illustrates the strong desire that is out there from institutional traders and professional traders. The time has come for tools to manage the risk and volatility of cryptocurrency – particularly during bear markets, like the one we find ourselves in now.”
In the future, the intention is to continue to improve the services and products offered to the market.
It seems that there is an interesting demand from institutional investors for virtual currencies. There are different companies that are planning to launch new institutional-grade platforms for new investors to have access to cryptocurrencies. One of these companies is the Intercontinental Exchange (ICE) that will be launching its platform Bakkt as soon as the next month.