Huobi exchange is among the many cryptocurrency exchanges available in this money market.
Huobi Exchange Register
Founded in 2013, the Huobi Exchange was founded by Leon Li. This Bitcoin exchange is headquartered in Singapore but was actually founded in China. To date, it has a presence in many major economies including the United States, Hong Kong, Japan and Korea. Through a reverse takeover process, Huobi became a public listed company in Hong Kong recently. Since Bitcoin exchanges are banned in China, Huobi left the country where it was founded. Then, it shut down its Chinese website (2017) after becoming one of the largest cryptocurrency exchanges there. Today, Huobi China is a consulting and research platform for blockchain in China where it has since moved abroad under the name Huobi Pro.
Notable events in Huobi
It all happened within a year back in 2013. Leon Li started Huobi early that year and the group then bought huobi.com in May. 3 months later, the simulation trading platform was launched and a month after that, the Bitcoin trading platform went live. It would then continue to grow and started offering margin trading, interest accounts for bitcoin and Litecoin transactions not long after that. In terms of investments, Huobi received millions through the first year and by August 2014, it took over Quick Wallet, a renowned Bitcoin wallet provider. Some 920 Bitcoin and more than 8,000 Litecoin were wrongly deposited into 27 accounts in September 2014 but was reimbursed later. Huobi and OKCoin had in August 2017 invested 1 billion Yuan into what was known as wealth-management products. The issue was that the money was idle client funds.
It would then breach 30 billion yuan in trading volume at the end of 2013. This put Huobi the largest digital asset trading platform then and the next 3 years will see Huobi breach RMB 1 trillion which would continue to grow. By the end of 2016, there would be 200 billion yuan being transacted daily on Huobi. This would, however, take a downturn when the Chinese government banned ICOs and bitcoin exchanges in September 2017. This drove Huobi to make adjustments to its current business and moved overseas where it continued to offer the same services. The ban not only caused a lot of problems for Huobi but mainly for those on the exchange because it rendered many of the holdings among the people worthless. In fact, its business grew since moving to Singapore.
Services by Huobi
To facilitate services in the exchange, Huobi offers a variety of products for its customers which include:
- Huobi Pro: This is the main digital asset trading platform offered by Huobi
- HADAX: This is a decentralized exchange that provides an autonomous token listing. It stands for Huobi Autonomous Digital Asset Exchange
- Huobi OTC: An “Over the Counter” (OTC) trading platform offered via Huobi.Pro
- Huobi China: This would be the former exchange which is now the R & D platform offering services, training, education and consultancy for blockchain ventures in China
- Huobi Capital: This is an investment fund which has raised USD10 million. It is based in Hong Kong with services focusing on the blockchain sector
- Huobi Labs: This is an incubator service offered by Huobi which helps anyone wanting to start in the blockchain industry. The headquarters is in San Francisco, USA and among its most prominent initiative was the USD1 billion fund to grow the domestic market there
- Huobi Token: This is the cryptocurrency by Huobi. Basically, its native platform is the Ethereum blockchain which Huobi use for trading