Crypto exchange Huobi has started trading in Australia with 10 pairs against the AUD, including bitcoin cash (BCH). More trading pairs will be added in the future. The platform also plans to partner with local startups through its investment fund and a subsidiary.
Also read: Switzerland Considers Granting Crypto Businesses Access to Banking Services
Huobi Starts Trading in Australia
Cryptocurrency exchange Huobi has announced it is launching in Australia. Ten pairs against the Australian dollar (AUD) are supported from Thursday, July 5. These include bitcoin core (BTC), bitcoin cash (BCH), ethereum (ETH), ethereum classic (ETC), and litecoin (LTC). More trading pairs will be made available to Australian traders in the future. Huobi Australia CEO Adrian Harrison commented:
Crypto traders in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market.
The Singapore-based trading platform also plans to set up partnerships with the growing number of Australian startups working on a variety of blockchain-oriented projects. The cooperation is expected to be channeled through Huobi’s $200 million Global Ecosystem Fund and Huobi Capital, an investment subsidiary.
“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,” Adrian Harrison said in a statement, quoted by China Money Network.
Partnering with Blockchain Global, Huobi also wants to support the adoption of cryptocurrencies in Australia. Blockchain Global CEO Sam Lee referred to the partnership as a “win-win for the country’s blockchain space.”
Expanding Globally
The news about the launch of crypto trading in Australia comes after similar announcements by Huobi concerning other markets around the globe. About a week ago, the company confirmed its plans to open a new office in London, noting that UK-based crypto trading ranks fifth in the world. Huobi is currently the third largest cryptocurrency exchange by trade volume.
Last month, it was reported that Huobi intends to enter the growing Brazilian crypto market. According to local media, the exchange has established an office in São Paulo, Brazil’s financial capital, and is seeking to hire qualified staff for the positions of chief compliance officer and digital marketing manager. In March, the platform launched in South Korea with 100 cryptocurrencies and a promise to add more coins in the future.
Huobi, once one of the largest Chinese cryptocurrency exchanges, is now headquartered in Singapore. It also has offices in Hong Kong, Japan and the United States. However, the platform announced it will be closing accounts of Japanese residents as a result of compliance issues.
What are your thoughts about Huobi’s global expansion? Share your opinions in the comments section below.
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