Having already launched its cryptocurrency platform in the Philippines about a week ago, the cryptocurrency exchange operator Huobi is scheduled to open the next one in Bali, Indonesia.
These launchings form part of a five-country series of installations enabling Huobi partners to build secure and stable digital asset exchanges quickly.
The Chinese digital asset services provider initially partnered with Philippine links in the cryptocurrency space but should eventually forge alliances in five regions across the globe.
Apart from the Philipines and Indonesia where the partnerships are now set, Houbi has concrete plans to establish the business also in Russia, Taiwan and Canada.
The digital asset services provider already operates in the United States, Japan, South Korea, Hong Kong, Thailand and Australia where the so-called Houbi Cloud, its own brand of cryptocurrency or digital coin, is already freely traded.
When Huobi launced in the Philippines, Ya Tai International Holding Group chief operating officer and Global Blockchain Application Research Foundation Secretary General Barbie Tsai said the cryptocurrency exchange operating in the country is all about “creating a more efficient finance and liberating the process of wealth-making.”
The Philippine platform lists three markets where the cryptocurrencies are freely traded to include the USDT, a digital asset issued on the Bitcoin blockchain via the Omni Layer Protocol; the BTC which is a unit of the Bitcoin itself and the ETH or Etherium, Bitcoin’s closest rival.
According to CoinMarketCap, a website that tracks the digital currencies in the market and their value in US dollars and Bitcoins, Huobi is acknowledged as one of the world’s largest cryptocurrency exchanges where trading volumes are in excess of $900 billion.
Huobi’s partners in the endeavor include the Yatai International Holding Group, the Vnesheconombank roughly translated as the Russian Development Bank, the Chi Fu Group who are into research and investment, the Asia International Finance Holdings who are also into research and investment, as well as the Dbank Group, an investment advisory company.