Huobi Launches Digital Currency Exchange In Australia

Due to the growing demand and interest in investing toward digital assets all over the world, there is not much surprise that cryptocurrency exchanges are cropping up all over.And Huobi’s global thrust towards expansion in Australia is also one of those instances.

Huobi, a Chinese digital currency exchange founded in 2013 by Leon Li and headquartered in Singapore, is known for its international multi-language digital currency trading platform. They are now embarking to the land “Down Under” to multiply its user base which was untapped since long.

On July 5th, 2018, Houbi, has officially announced the commencement of trading on its Australian platform. Adrian Harrison, Huobi Australia CEO, while speaking on the efforts of expanding towards another continent mentions:

“He is well aware of the interests of Australian investors and crypto-traders in Australia who are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market.” This robust platform has the required technical expertise which is crucial to run cryptocurrency exchanges and its long-standing “relationships with regulators, industry bodies and investors” is an advantage to Huobi’s expansion to Australia and the mass adoption of crypto assets like bitcoin and ethereum.

At the initial stages, Huobi Australian platform will support ten cryptocurrencies for trading against the Australian dollar – Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), PowerLedger (POWR), aelf (ELF), Cortex (CTXC), DATA (DTA), and IOS token (IOST) and in the near future it will open more trading pairs to all users.

As per the research, Huobi Group has also partnered with the local blockchain and crypto industry leader Blockchain Global for delivering its services in Australia and aiming to collaborate with other Australian blockchain projects.

According to Finder Australia, a local news portal, Huobi will utilize its $200 million Global Ecosystem Fund and its consulting service to “partner with the growing numbers of Australian blockchain projects” who are focusing to expand in the Australian market. Huobi is currently the third largest cryptocurrency exchange platform with $918 million in 24-hour trading volume at the time of writing.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin5,498.99 0.01 % 0.14 % 13.52 %
Ethereum172.62 0.17 % 0.34 % 18.27 %
XRP0.484 1.23 % 3.67 % 4.10 %
Litecoin41.58 0.08 % 1.21 % 19.91 %
Bitcoin Cash384.01 1.00 % 3.19 % 30.16 %