After 2 years, Huobi will again jump in US crypto market
Chinese crypto exchange Huobi is ready to enter in the US crypto industry.
Huobi is a Chinese crypto exchange, which is standing at 6th rank in the crypto industry in terms of the highest trading volume. However, this exchange originated from China but now this exchange has no more operations or connections in China because China kicked out the crypto industry from mainland China completely to remove the competition against Chinese CBDCs e-CNY. Right now the exchange is under the new phase of development and growth in the crypto industry because last year the exchange lost 30% revenue source because of China crypto services closure, to comply with rules and regulations of the China government.
On 21 February, CNBC published a report and confirmed that Huobi is planning to enter the US market to provide its crypto services.
According to Du Jun, Huobi co-founder, exchange possibly will not launch crypto exchange, instead it will Focus to providing Crypto-related other services like Assets management.
The Co-founder noted that entry in the US crypto industry in 2018 was a very quick decision at that time because the exchange did not have a proper management team in the US.
“In 2018, we tried to enter the U.S. market but we quickly withdrew ourselves because we didn’t have a strong commitment to the market at that time and we didn’t have a good management team in the U.S.”
Du also said that the exchange believes that crypto trading services are not much bigger buisiness instead the crypto assets management business in the US, so the exchange may go with crypto Assets management services.
Huobi co-founder didn’t confirm with which crypto business they will enter in the US but surely it will create competition against other dominant players like Coinbase, Robinhood.
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