Huobi Joins Forces With Global Digital Finance to Help Establish Global Crypto Standards

Known as one of the more globally popular cryptocurrency exchanges – Huobi has set itself apart from other decentralized exchanges this week.  According to a press release, the crypto exchange has announced that it will be teaming up with the industry membership organization Global Digital Finance (GDF) with the overarching goal of developing cryptocurrency standards for the international community.

In the confines of the press release, the exchange has joined an increasingly voluminous number of crypto companies and exchanges, which include Circle, Coinbase, ConsenSys, DLA Piper, Diginex, Hogan Lovells as well as R3. All of which sit on the organization's Board of Patrons and its Advisory Council.

The Patron Board, according to the press release, provides additional support for the GDP, specifically in the development of a broad global strategy alongside acquiring new partners.

The author behind the same press release claims that Co-Chair organizations with GDF's Market Integrity Group will also strive to provide solutions for chronic issues such as wash trading, market manipulation as well as other malicious practices that take place within the cryptocurrency industry.

In a follow-up statement, the Head of Europe and the Americas for Huobi, Josh Goodbody, provided the following statement regarding the partnership:

“Maintaining the public’s trust that markets are fair and transparent is crucially important if we want our industry to grow.”

The Global Digital Finance team's Executive Director, Teana Baker-Taylor also provided a statement within the press release, stipulating that

“Integrity and credibility of crypto markets are currently major hurdles for mainstream and institutional adoption of digital assets, as well as a key concern for regulators.”

Baker-Taylor continued on to underline the broader goals of the organization:

“The goal of GDF’s Market Integrity Working Group is to devise a set of pragmatic, implementable guidelines that, if adopted by digital asset service providers, will promote a fair, ethical and transparent industry.”

It was also reported earlier in July that a subsidiary company of Huobi's which is based in Thailand has since officially secured the country's fifth license in order to operate as a completely regulated digital asset exchange within the Kingdom.