New Sporbiz Report Shows Huobi Earns $483 Million in Trading Commissions Topping Binance and OKEx
Even though Huobi is the third-largest crypto exchange by trading volume, it has overtaken Binance and OKEx in trading commission. The exchange has roped in $483 million from the trading commission in 2018 alone.
South Korean media outlet Sporbiz reports that a commodity specialist in Chinese digital asset markets, Hwaseong Jae Kyung has figured that Huobi earned 545.2 billion won ($483.9 million) in commission income, exceeding both Binance ($463.9 million) and OKEx ($293.4 million).
Although the exchange hasn’t come out with any official reports, there is no denying that the numbers crunched by Kyung look legit. Livio Weng, the CEO had announced earlier about the trading volume on their new derivatives market platform. He informed the public that their platform has recorded a cumulative trading volume of $20 billion in less than 2 months from its launching.
Earlier this week, BitcoinExchangeGuide had reported that Huobi is still making profits amidst this prolonged bear market. Chief executive of Huobi, Livio Weng Xiaoqi had said:
“We do not know how long the bear market will last, so it is still possible that we will struggle to survive. We have to plan in advance and spend money carefully.”
When bears hit the market, exchanges are the first victims of its effect. Though he declined to specify Huobi’s revenue, he said it is generated to the most part from the transaction fees.
However, earlier this month, Huobi shut down its subsidiary Shenzhen that hired 30 people for research and building applications. From a couple of dozens, the Huobi Info news app is now being maintained by a small number of staffs. The company laid off about 100 employees and now have about 1,300 staffs working for them.