Chinese cryptocurrency exchange Huobi announced this week that trading has begun on its newly-launched platform in Australia.
Huobi’s global push is no surprise, as most crypto exchanges have been pursuing untapped markets in a bid to grow their user bases. The exchange — now based out of Singapore, with offices in Canada and Brazil — said trading will start with ten pairs exchanged for the Australian dollar. These pairs include bitcoin, ethereum, litecoin, and bitcoin cash.
The exchange advised users to be patient as it launches “more trading pairs to all users” in the future.
While speaking on the company’s move to yet another new continent, Huobi Australia CEO Adrian Harrison said he is well aware of the interests of Australian investors, who tend to be quite informed and “sophisticated.”
“Crypto-traders in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market.”
Huobi is also taking steps to contribute to the growing blockchain space in Australia. Per reports on Finder Australia, the company will use its $200 million Global Ecosystem Fund and its consulting service to “partner with the growing numbers of Australian blockchain projects” who are looking to expand in the Australian market.
Huobi has also partnered with Blockchain Global to develop and foster the adoption of cryptocurrencies to Australians and the world at large, and Blockchain Global CEO Sam Lee said that his company’s partnership with Huobi is a win-win for the country’s blockchain space.
He said the “strategic alliance with Huobi Australia represents our journey towards fostering the mainstream adoption of cryptocurrencies and blockchain technology, in Australia and around the world.”
Lee believes his company’s “technical expertise in running cryptocurrency exchanges” coupled with its long-standing “relationships with regulators, industry bodies and investors” is an advantage to Huobi expansion to Australia and the mass adoption of crypto assets like bitcoin and ethereum.
Huobi has been expanding rapidly, especially of late. Just last week, it opened its European office in London with over-the-counter (OTC) trading set to begin later this year. Huobi European Exchange Director Lester Li had said at the time that the expansion was “in response to the high demand we have seen in Europe.”
Huobi, which is the world’s fourth-largest exchange, has a daily trade volume of $713 million, according to data from CoinMarketCap.
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Last modified: June 11, 2020 1:47 PM UTC