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Singapore-based crypto exchange, Huobi, will be launching a subsidiary called Huobi Mena in Dubai. The new center will become a regional headquarters as Huobi goes on to its expansion drive in the Middle East, Africa, and South Asia according to a recent blog post.
The blockchain ecosystem, according to Huobi Mena co-founder Mohit Davar, will include services catered for both institutional and retail crypto investors, and also for promising blockchain startups looking to raise funds for research and development in these regions.
“In total, this will include OTC trading, token-to-token trading, blockchain projects incubation, community development, and an educational center,” explained Kalra at the recent World Blockchain Summit held in Dubai.
Partnerships with Regional Players
The first step in the ambitious regional expansion would be forging alliances with local blockchain notables. Huobi announced that it would first establish relationships with artificial intelligence traders. The partnerships would eye towards integrating AI-based digital asset trading solutions to Huobi’s regional trading platforms.
“Additional plans are in the works for partnerships with other big names in the blockchain industry [to] offer regional traders a safer, faster and more convenient trading experience,” the company added.
Global Expansion Spree
These business-scalings point to the race to win crypto trading supremacy, especially in the wake of mounting institutional interests. Big investors are willing to head into the Bitcoin space but via regulated OTC markets as reported by NewsBTC. The principal reasons for not choosing a regular exchange are liquidity and limits. Understanding that institutional investors could play a significant price-defining role in Bitcoin and the rest of the crypto market, global expansions could make exchanges more visible to the local investors.
Huobi, currently the fourth largest crypto exchange by monthly volume, has been spreading its regional network across the world in that regards. In May the company announced that it was entering Canadian markets. The next month, it expressed similar expansion plans in Brazil, and it continued with more global expansion announcements – to Indonesia, Japan, Vietnam, and Korea.
Huobi’s close competitors are not behind, either. Binance, the world’s largest crypto exchange, is also setting up offices across the world. Gemini and Coinbase, US-based crypto exchanges, are also eyeing growth in the UK and European markets, with their products already in the space.
Huobi currently provides services to more than a million users in over 130 countries. The company believes it would scale better by targeting small to mid-size enterprises and exposing them to the opportunities of the global financial system.
“The end goal will be to provide safe and reliable digital asset trading services for millions of regional users in the Middle East, Africa, and South Asia,” affirmed Huobi.
Image from Shutterstock
