Huobi Opens Australian Exchange

Huobi

Huobi, the fourth largest cryptocurrency exchange in the world, launched its Australian platform, today, July 5th. This newest branch of the Huobi network will be accepting Australian Dollar transactions in exchange for 10 different coins, including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. Houbi stated in an announcement released today that they will be making more trading pairs available soon.

Adrian Harrison, CEO of Huobi Australia, told Finder today:

“Crypto-traders in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market. For Huobi Group, the move to Australia is a natural fit for our technically robust platform. We are keen to partner with the growing numbers of Australian blockchain projects looking to list in a maturing market.”

Huobi is a Singapore-based cryptocurrency exchange that has been garnering a lot of attention recently, in part for its rapidly-expanding global services.

The company launched an exchange in South Korea earlier this year, and is preparing to open an office in San Francisco. In addition to opening its Australian branch, Huobi has also begun taking steps towards European expansion. This process began last week with Huobi confirming the opening of new offices in London.

Houbi’s senior business development manager, Chern Chung, told Finance Magnates that Huobi wants to have a major presence in Europe, and that Huobi sees London as the center for European cryptocurrency trade.

“We envision the UK becoming a hotbed for cryptocurrency innovation, especially with the UK Finance Minister declaring his commitment to foster the growth of this sector,” said Chung. “The establishment of the first crypto assets task force will not only help manage the risks around crypto trading but will also allow UK citizens to participate in one of the biggest financial revolutions of our time. This news further affirms the inevitability of Huobi’s presence in London, where we see massive potential for crypto to flourish.”

Huobi hasn’t been alone in its move towards global expansion. Most notably, The United States’ leading exchange, Coinbase has announced its intentions to enter Japan, and market leader, Binance, recently relocated to Malta in an effort to have a greater influence on the European crypto trade.

While the battle over Europe continues, Huobi aims to capitalize on the relatively untapped Australian Market. Finder estimates that there are currently 300,000 crypto users in Australia trading at an estimated $6 billion market cap. It is a relatively small market, but this may in part be due to the limited attention Australia has received from exchanges.

To further bolster its position in the Australian market, Huobi has formed a partnership with Hong Kong and Australia-based blockchain investment and consulting firm, Blockchain Global. Sam Lee, CEO of Blockchain Global, commented on the new partnership today:

“Our strategic alliance with Huobi Australia represents our journey towards fostering mainstream adoption of cryptocurrencies and blockchain technology, in Australia and around the world.” He continued, “With our technical expertise in running cryptocurrency exchanges and solid relationships with regulators, industry bodies and investors, we look forward to bringing Huobi Australia to the masses.”

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