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Cryptocurrency Exchange Huobi Expanding to Brazil: Report

Last Updated March 4, 2021 5:08 PM
Francisco Memoria
Last Updated March 4, 2021 5:08 PM

Major cryptocurrency exchange Huobi is reportedly expanding its operations to Brazil, as the exchange is said to be marketing its platform in the country, while attempting to hire regional staff after setting up a workspace in São Paulo.

According to local news outlet Portal do Bitcoin , Huobi representatives were seen handing out business cards at VI Bitconf, a cryptocurrency conference held in São Paulo, Brazil, in which BCH proponent Roger Ver pumped the cryptocurrency and slammed Venezuela’s oil-backed Petro.

Per the news outlet, Huobi has been contacting “well-known names in the Brazilian market,” and has set up a workspace in São Paulo using offices provided by We Work. While there’s no official information on Huobi’s end, Portal do Bitcoin claims the exchange will start operating in the country by the end of this year.

On LinkedIn, the Singapore-based firm is looking to hire a Chief Compliance Officer, whose functions will revolve around monitoring the company’s operations to identify irregularities and illicit activities. Another ad shows Huobi is hiring a Digital Marketing Manager, whose role will involve helping the company develop its brand in the ocuntry.

At press time, Huobi ranks as the world’s third-largest cryptocurrency exchange, after processing a $1.1 billion trading volume in the last 24-hour period, according to CoinMarketCap.

Cryptocurrency exchange Huobi is making a targeted push at global expansion, even as the market continues to endure a bearish cycle.

As covered by CCN.com, the company has already started expanding its operations into Canada as it sees it “emerging as a leading blockchain nation.” At the time, Huobi Canada’s general manager Ross Zhang stated:

“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.”

Back in January, the exchange revealed it was opening a branch in San Francisco, which saw it register with the Financial Crimes Enforcement Network (FinCEN) two months later, as a money services business (MSB), so it could then offer crypto-to-crypto trading in the US.

Earlier this month Huobi Labs – the company’s blockchain incubator – revealed it signed a strategic partnership with Tianya Community, in order to establish a $1 billion blockchain fund in China’s Hainan province.

Huobi’s presence in Brazil is going to make competition tougher in the country. Foxbit, the country’s largest cryptocurrency exchange, lost 58 BTC earlier this year after hackers exploited the platform’s poor security practices.

Besides existing cryptocurrency exchanges, the Singapore-based firm may have to compete with Brazil’s biggest investment firm, XP Investimentos, which is also set to launch a cryptocurrency exchange. If both exchanges allow users to trade using the country’s fiat currency, the Brazilian Real, the market will see unprecedented liquidity.

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