Business 31 May 2018

Gerald Fenech

Singapore crypto exchange Huobi sets foot in Brazil

Beijing-born cryptocurrency exchange Huobi is making its way to South America, according to reports. Local news outlet Portal do Bitcoin reported that the exchange, now based in Singapore, has been marketing its platform in Brazil, while also attempting to hire staff who will man its new Sao Paolo offices.

According to the Brazilian news outlet, Huobi representatives were seen handing out business cards during the VI Bitconf conference in Sao Paolo. Huobi has also been contacting established names in the Brazilian market for its Sao Paolo workspace, using offices provided by We Work. The report claimed Huobi will start its Brazilian operations before the year ends.

The Singapore-based firm has been advertising for a chief compliance officer, who will tasked to monitor the company’s operations as well as identify irregularities and other illicit activities. The company is also looking for a digital marketing manager who will help the company develop its brand in Brazil.

Huobi is currently ranked as the world’s third largest cryptocurrency exchange and currently processes around $1.1 billion in trading volume over a 24-hour period, according to the Coinmarketcap.

Huobi started venturing out of Singapore this year. In April, Huobi announced that it would soon offer its trading platform to South Korean cryptocurrency investors. Then a month later, the cryptocurrency exchange started its Canadian operations. Ross Zhang, general manager of Houbi Canada, said establishing the Toronto office “is a continued effort to help the blockchain industry become more credible so that mass adoption can come sooner.”

In addition to launching new exchanges, it recently teamed up with Japanese financial entity SBI Group to help it launch its own cryptocurrency exchange.

The company also reportedly plans to open a branch in San Francisco, which it registered as a money service business with the Financial Crimes Enforcement Network, enabling Huobi to offer crypto-to-crypto trading in the US.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

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