Huobi launches cryptocurrency platform in Australia

Huobi is the fourth largest cryptocurrency exchange with a daily trading volume of $713 million, according to Coinmarketcap. Today, July 5, Singapore-based cryptocurrency exchange Huobi began trading on its new Australian platform.

The exchange will phase in trading pairs starting at 10am Sydney time. Ten Australian dollar pairs will be offered initially, including Bitcoin, Ethereum, Litecoin, Ethereum Classic and Bitcoin Cash. The exchange plans to add more trading pairs in the future.

The exchange's entry into the foreign market is due to the fact that numerous large exchanges are looking for investors around the world. Binance, one of the largest exchanges in the world with a trading volume of approximately $1.3 billion, moved to Malta, which also facilitated closer interaction with European users. The Coinbase exchange, ranking first in terms of volume in the United States, also plans to open a representative office in Japan.

The Huobi exchange, which opened sites in USA, Canada and UK also plans to contribute to the use of blockchain in the local economy through its investment subsidiary Huobi Capital and its global ecosystem fund, which has raised US$200 million, local news outlet Finder reports.

«Crypto traders in Australiaare very smart and knowledgeable, and the regulator is optimistic and interested in the safe development of the market,” said Huobi Australia CEO Adrian Harrison. “Huobi Group is excited to operate in Australia and looks forward to collaborating with the growing number of Australian blockchain projects that are emerging in the emerging market.”

According to cointelegraph.com