Business

Rebecca Asseh

Huobi teams up with 5 companies for new digital trading platforms

Huobi, world’s third largest cryptocurrency exchange by daily traded volume, has teamed up with five companies as it ventures into new markets with its Huobi Cloud platform. In a statement reported by the South China Morning Post, David Chen, senior business director at the Singapore-based cryptocurrency exchange, said, “Together with the Huobi Clouds corporate partners, we can offer a lower barrier for emerging economies to enter and participate in the burgeoning blockchain ecosystem.”

Huobi said it has selected five firms—Yatai International Holgding Group (Philippines), Vnesheconombank (Russia), Chi Fu Group (Taiwan), Asia International Finance Holdings (Indonesia), and Dbank Group (Canada)—which are looking to develop their own trading platforms.

The company officially inaugurated Huobi Cloud last July 20, with the intention of “enabling its partners to build secure and stable digital asset exchanges quickly.” Huobi Cloud allows partner exchanges access to Huobi’s order integration system, wallet system, asset management and clearing system.

Yatai’s Huobi-powered Huibi Digital Asset Exchange was inaugurated in Manila last August 12, according to Huobi. Asia International Finance Holdings will launch its Asian Digital Asset Exchange in Bali on August 22, followed by Chi Fu Group’s Shubao Digital Asset Exchange in Taiwan on August 26. In Russia, Vnesheconombank will inaugurate its Huobi Russian Digital Asset Exchange in Moscow on Sept. 3.

The Canadian exchange has no definite inauguration date at press time.

“Huobi Cloud will continue to uphold the concept of win-win cooperation with our global partners to promote the rapid and healthy development of global blockchain industry and improve the efficiency of financial services,” the exchange said in a statement.

Huobi Group is a Chinese digital asset and service provider, considered to be one of the world’s largest cryptocurrency exchanges offering 24/7 services in the U.S, Singapore, Japan, Hong Kong, Thailand, South Korea and Australia. The company says it currently serves millions of users in over 130 countries.

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