The cryptocurrency space has seen few of its major players in partnership agreements; as well as expansions, as most of which are coming from the Asian region.
Huobi, a cryptocurrency exchange based in Singapore is set to expand its operations into Canada with plans to open a new office in Toronto extending its grip within the North American Region.
Huobi made an announcement yesterday, stating that the peer-to-peer cryptocurrency trading has surged in the country despite harsh reception and treatment from local banks.
“Canada is emerging as a leading blockchain nation, and Toronto is set to become one of the next most active blockchain hubs across North America. Entering the Canadian market will help support Huobi to become the leader in blockchain and cryptocurrency innovation,” said Ross Zhang, general manager of Huobi Canada.
The focus of the expansion is to work with willing regulatory bodies to drive adoption of the technology by building credibility and transparency within the space. Zhang added. “Establishing Huobi’s first Canadian offices in Toronto is a continued effort to help the blockchain industry become more credible so that mass adoption can come sooner.”
Huobi is presently ranked as the world’s third-largest cryptocurrency exchange with its daily volume of approximately $1.7 billion across 208 markets, according to data from CoinMarketCap. Huobi’s expansion should not come as a surprise to most, as the company had planned in previous months to effectively carry out its crypto-to-crypto trading services. In January, in a bid to solidify its strength and offer customers best services, it revealed in January that it will open a branch in San Francisco. Following the opening of its branch in San-Francisco, two months later it registers with the Financial crimes enforcement network (FinCEN) as a money services business (MSB).
Earlier this week, Huobi Labs — the company’s blockchain incubator — announced that it had signed a strategic partnership with Tianya Community to establish a $1 billion blockchain fund in China’s Hainan province. Huobi’s flurry of expansion plans is characteristic of the cryptocurrency exchange industry as a whole, which has raked in significant profits over the past calendar year but is also navigating challenging regulatory waters.
Binance and OKEx, the two largest cryptocurrency exchanges, have each opened an office in blockchain-friendly island nation Malta, while Coinbase is reportedly opening a Chicago office in a bid to build out its institutional trading products. Bitfinex, another major exchange, is planning to consolidate its operations in Switzerland.
Expansion has been the focus of Huobi in the first quarter of this year as earlier this week, Huobi Labs — the company’s blockchain incubator — announced that it had signed a strategic partnership with Tianya Community to establish a $1 billion blockchain fund in China’s Hainan province. Expansion drives wider reach, and wider reach increases the level and speed of adoption through awareness.
Huobi’s flurry of expansion plans is characteristic of the cryptocurrency exchange industry as a whole, which has seen profits skyrocket significantly over the past calendar year but is also sailing through challenging regulatory territories.
Expansions and partnerships like is common to cryptocurrencies giants like Binance and OKEx, the two largest cryptocurrency exchanges. They have each opened an office in blockchain-friendly island nation Malta. Binance also extending its reach to the African continent to have a solid foundation across all borders. Coinbase is reportedly opening a Chicago office in a bid to build out its institutional trading products. Bitfinex, another major exchange, is planning to consolidate its operations in Switzerland.
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