Major cryptocurrency exchange Huobi will expand its operations into Canada and open a new office in Toronto, providing it with another foothold in the North American market.
The Singapore-based firm made the announcement on Friday, noting that peer-to-peer cryptocurrency trading has surged in the country despite hostility from domestic banks.
“Canada is emerging as a leading blockchain nation, and Toronto is set to become one of the next most active blockchain hubs across North America. Entering the Canadian market will help support Huobi to become the leader in blockchain and cryptocurrency innovation,” said Ross Zhang, general manager of Huobi Canada.
“We look forward to working with regulatory bodies to help the blockchain asset market become more credible so that mass adoption can come sooner,” Zhang added. “Establishing Huobi’s first Canadian offices in Toronto is a continued effort to help the blockchain industry become more credible so that mass adoption can come sooner.”
At present, Huobi ranks as the world’s third-largest cryptocurrency exchange, with a daily volume of approximately $1.7 billion across 208 markets, according to data from CoinMarketCap.
In January, Huobi revealed that it was opening a branch in San Francisco, and two months later it registered with the Financial Crimes Enforcement Network (FinCEN) as a money services business (MSB) in preparation for offering crypto-to-crypto trading services in the US market.
Earlier this week, Huobi Labs — the company’s blockchain incubator — announced that it had signed a strategic partnership with Tianya Community to establish a $1 billion blockchain fund in China’s Hainan province.
Huobi’s flurry of expansion plans is characteristic of the cryptocurrency exchange industry as a whole, which has raked in significant profits over the past calendar year but is also navigating challenging regulatory waters.
Binance and OKEx, the two largest cryptocurrency exchanges, have each opened an office in blockchain-friendly island nation Malta, while Coinbase is reportedly opening a Chicago office in a bid to build out its institutional trading products. Bitfinex, another major exchange, is planning to consolidate its operations in Switzerland.
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Last modified: June 11, 2020 10:07 AM UTC