What’s a Bear Market as Huobi Crypto Exchange Increases Trading Volumes By 100% in 2018
One of the most prominent crypto exchange with about 400 trading pairs recently announced that they witnessed a 100% year-on-year growth in trading volumes in 2018.
Huobi is a company that has grown exponentially within a very short time frame and has been able to open local subsidiaries in the Middle East, the United State, South Korea, and Japan. It has also gone ahead and opened business lines that include Fire China, Firecoin Cloud, Capital, Wallet, and Mine Pool.
Recently, Li Lin, the Huobi CEO announced measures that were supposed to boost investor confidence in the coming months. They were:
- Do an excellent job in contract business and in exchanges
- Postpone the HT thaw
- Launch a Huobi public blockchain
- Increase the number of managers purchasing HT
- Accelerate the introduction of business-based applications, e.g., Fire Letters
Huobi was originally founded in China in 2013, though the crackdown on domestic crypto-to-fiat exchanges in Beijing led them out of China and to Singapore instead. As the company has worked to expand their platform, they have even rebranded HBUS to Huobi, considering how it is better known than the former name.
Recently, the crackdown on Chinese crypto OTC desks had affected Huobi too. Alipay and WeChat Pay had requested the exchange to remove their services from the platform. This was especially hard for Huobi because they are one of the biggest crypto OTC platforms worldwide.
The group is now focusing on western markets. It grew mostly due to the Chinese and Asian market, but it looks like now is the time for the expansion that the company has already needed for quite some time. Now, HBUS, which is a sister exchange of Huobi that was founded by its CEO, is leveraging its global network in order to start a partnership with Prime Trust, a trust company based in the state of Nevada, which will be able to provide services of withdrawal and deposits for the users. Huobi will let western traders use USD to crypto trading for Bitcoin and Ethereum, as well as Tether USD.