Huobi Group Initiates One More Step to Help Digital Coin Exchanges
The Singapore-based Huobi Group has every reason to expand its offerings that are more focused towards the cryptocurrency exchanges. The latest is to provide Huobi cloud platform enabling users to create virtual coin exchanges with the help of its present platform. Significantly, the latest move comes after announcing a new blockchain-based solution only last month. It is a clear indication that the company is interested beyond managing a dedicated exchange for digital currencies irrespective of the ambiguity in the sector.
Huobi disclosed that it has already attracted over ten multinational firms to become partners with the new product. The company’s objective is quite clear, i.e., creating not only cryptocurrency exchanges but also over-the-counter exchanges (OTC) for digital assets, Cointelegraph reported. Following this, partners could make use of the order integration, as well as, wallet systems. This apart, they can also use Huobi Global platform’s clearing system and the asset management. This meant that the company is expanding in the same space but with a wider range of services to cater to different segments.
Chairman of Huobi Group, Leon Li, has reacted to the launch and said, “In this era of significant and strong adoption of blockchain technologies, Huobi is looking to share its expertise and experience with the entire blockchain ecosystem and through this, develop the industry further to achieve mutual benefits for all stakeholders.” The timing of the launch assumed importance for several reasons as the market is maturing itself in the face of tightening of regulations and identifying the bad actors. The diverse opinion is continued to be there even after complete regulations.
For the Huobi Cloud, the company disclosed that it consists of four approaches. This included solutions for eco-system, OTC, operations, and digital coin exchange. The exchange solution is aimed at extending support to different kind of services through its platform. This includes coin-related services, publishing, separate hot and cold wallet and a risk-trigger mechanism apart from other services.
Similarly, in respect of OTC solution, the company indicated about verification of the legitimacy of the trading of both cryptocurrencies and fiat currency like the American Greenback or Chinese Yuan or Hong Kong dollars. Leading coins such as bitcoin, ethereum, and tether are also included. The company felt extending its services beyond the trading platform before others enter the fray.
Partnering With JD Cloud
Huobi was established in 2013 and is now ranked as the third biggest exchanges by virtue of traded volume and has a presence in Japan, South Korea, and the United States apart from Hong Kong. Last month, the company aligned with a China-based JD Cloud to find out the potentials of not only cloud computing but also blockchain technology applications. The focus will be on supply chain fields, the Internet of Things (IoT) and financial services.
Last month, the company declared the launch of Huboi Chain Project powered by blockchain technology. This could become useful for securitization, fundraising, value exchange and much more. The launch also meant that the company plans to decentralize its own operations.