Huobi Launches Australian Exchange Ahead of Blockchain Investment Plans

Chinese cryptocurrency exchange Huobi has confirmed trading on its new Australian platform begins today, July 5.

The exchange is fourth largest in the world as of press time, with $713 million in daily trade volume, according to Coinmarketcap.

In an announcement, Huobi, which last week also unveiled its London-based operation serving the European market, said trading pairs would be phased in throughout Thursday from 10am Sydney time.

Ten pairs will initially be on offer for Australian dollar, including Bitcoin, Ethereum, Litecoin, Ethereum Classic and Bitcoin Cash.

“In the future, Huobi Australia will open more trading pairs to all users,” the exchange added in its announcement.

Huobi’s enthusiastic push into foreign markets comes as multiple major exchanges pursue a global investor base.

Binance, currently the largest exchange in the world with around $1.3 billion in daily trade volume, has moved to Malta, also enabling greater interaction with European users. The U.S. volume leader Coinbase is similarly planning to set up a dedicated Japanese operation.

Like Japan, Australia places stringent requirements on cryptocurrency operators, the latter’s approach to regulation nonetheless coming in for repeated criticism this year and previously.

Seemingly unfazed by the current landscape, Huobi also plans to contribute to blockchain expansion in the local economy via its investment subsidiary Huobi Capital and its US$200 million Global Ecosystem Fund, local news outlet Finder reports.

“Crypto-traders in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market,” Huobi Australia CEO Adrian Harrison said.

“For Huobi Group, the move to Australia is a natural fit… We are keen to partner with the growing numbers of Australian blockchain projects looking to list in a maturing market.”

Comments

comments

Filed in: Bitcoin News Tags: ,

You might like:

South Korea Legitimizes Blockchain Industry With Major New Classification Standards South Korea Legitimizes Blockchain Industry With Major New Classification Standards
The History of Tezos: The Infamous ICO Trying to Rebound Amidst Lawsuits and Disputes The History of Tezos: The Infamous ICO Trying to Rebound Amidst Lawsuits and Disputes
BIS Chief Bashes Cryptocurrency Again in Scathing Review of Its ‘Failure’ as Money BIS Chief Bashes Cryptocurrency Again in Scathing Review of Its ‘Failure’ as Money
Former Jefferies Asia CEO to Lead $1 Billion EOS VC Arm Former Jefferies Asia CEO to Lead $1 Billion EOS VC Arm
IBM Signs $740 Million Deal With Australian Gov’t to Use Blockchain for Data Security IBM Signs $740 Million Deal With Australian Gov’t to Use Blockchain for Data Security
Deadline for Implementing Indian Central Bank’s Ban on Crypto Dealings Ends Deadline for Implementing Indian Central Bank’s Ban on Crypto Dealings Ends
Collectable Crypto Game Introduces Personalized Artist-Designed Avatars Collectable Crypto Game Introduces Personalized Artist-Designed Avatars
Immutability in Doubt: Do We Need to Protect Blockchain Data? Immutability in Doubt: Do We Need to Protect Blockchain Data?
© 2018 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.