Huobi is a name that would strike a chord with some early cryptocurrency investors. At one point of time, Huobi was the biggest cryptocurrency exchange on the planet! However, the company’s growth was stalled by a hostile Chinese government which carried out a strict clampdown on all domestic cryptocurrency exchanges in the country. Huobi is now planning to setup an office in the US as it aims towards international expansion.
The company plans to open an office in San Francisco. These plans were announced at the Blockchain Connect Conference on the 26th of January. The Blockchain Connect event was an important event as the primary focus of the event was on the cooperation between the US and Chinese cryptocurrency markets. Huobi was among one of the biggest names present at this event.
Reportedly, the construction of their new office has already begun in Silicon Valley. The exchange was a giant in the world of cryptocurrency. It started off in China but soon expanded to Hong Kong, Singapore, South Korea and Japan among other nations. While it still continues to operate in all these nations - Huobi has been forced out of their home market of China after the Chinese government banned domestic cryptocurrency exchanges in the country.
However, it appears that Huobi is giving their undivided attention to the US markets for now. “The U.S. will be our focus right now,” said Huobi’s Chief Strategy Officer Cai Kailong. Huobi’s arrival in the US markets could be great for Huobi’s cryptocurrency exchange, as well as for the US markets as Huobi brings years of experience and major credibility along with it.
Huobi started off in 2013 in China and continued to be China’s leading cryptocurrency exchange for almost the entirety of its run. The Chinese government infamously banned all foreign cryptocurrency exchanges in the country back in the September of last year which led to a major crash in the Bitcoin prices.
However, with their eyes on the US markets now, Huobi is all set to bounce back and aim at reclaiming the top spot in the list of the top cryptocurrency exchanges of the world. The company has been working on their international efforts, particularly in the Asian markets as Japan, South Korea, Singapore and Hong Kong as some of their biggest regions. Huobi made news in January when the company stated that they were tying up with Japan’s SBI group to help them launch their own cryptocurrency trading platform.
In addition to this, there have been many rumors and speculations towards the fact that Huobi is soon planning to launch their own cryptocurrency token as well. However, while Huobi has neither confirmed nor deny this fact, the company’s official statement was that they don’t intend to organize an Initial Coin Offering. It would be interesting to see how Huobi proceeds from here but we expect big things from the company once the company gets into action in their Silicon Valley office!