The third largest cryptocurrency exchange on the planet has partnered with five firms to help them launch their own trading platforms. The Huobi Group will provide the framework for the new exchanges using the recently launched Huobi Cloud.
Bear Market Can’t Stifle Interest in Growing Crypto Infrastructure
The popular Singapore-based cryptocurrency exchange Huobi has announced partnerships with five firms hoping to launch their own trading platforms.
Yatai International Holding Group, Vnesheconombank, Chi Fu Group, Asia International Finance Holdings, and Dbank Group are the companies seeking to use the newly launched Huobi Cloud service to create new exchanges in the Philippines, Taiwan, Indonesia, and Canada.
A senior business director at the exchange, David Chen, disclosed the partnership in a statement reported by the South China Morning Post earlier today:
“Together with Huobi Cloud’s corporate partners, we can offer a lower barrier for emerging economies to enter and participate in the burgeoning blockchain ecosystem.”
The Huobi Cloud service was launched last month. It seeks to provide companies with the tools needed to set up their own exchanges based on Huobi’s proven framework. According to the report in the SCMP, extending partnerships in such a fashion will allow Huobi to collect a wider sample of user data, enabling the exchange greater ability to fine tune their future offerings.
The move to aid in the establishment of other platforms across the globe also highlights a confidence in the market that isn’t necessarily reflected in the price trends of digital assets so far this year.
The declining prices of digital assets has understandably coincided with less public interest in cryptocurrency exchanges since the beginning of the year. The total number of visits to Huobi last month was three million. This was down from almost 25 million visits this February. The same story can be seen at Binance too. The largest cryptocurrency exchange by volume saw 25 million less visits during the period. One analyst from a U.S.-based digital asset research firm stated:
“When the crypto market is going through a large setback, there will surely be less people interested in trading virtual currencies.”
Huobi is one of the planet’s longest running exchange platforms. It was founded in Beijing in 2013, but recently moved operations to Singapore to evade the Chinese government’s clampdown on crypto exchanges and initial coin offerings (ICOs) last autumn.
The exchange has been having a busy 2018, despite declining crypto prices. Along with the new Huobi Cloud service, it launched a blockchain fund in May, hired the CEO of rival exchange OKEx, and has set up an office in the U.K.
Featured image from Shutterstock.
