According to the reports of Financial Magnates, Huobi, the world’s third-largest cryptocurrency exchange, comes up with completely new platform for US users.
The fresh platform will operate through the new San Francisco-based company HBUS. Creators state that “...it is not an “arm,” “subsidiary,” “division,” or any type of “affiliate” of Huobi. Nor is HBUS to be referenced as “Huobi US” or any variant thereof. HBUS is the “exclusive US strategic partner of Huobi.”
Medium post of the company, dated June 5, said that ‘soft launch’ of the service would happen on June 10. Those who sign up to the site between June 10 and June 14 will be offered a month of trading without fees.
The official launch of HBUS is scheduled on June 15, although the event may be postponed due to “overwhelming demand”, according to HBUS’ website. Developers suggest their users to follow its public Telegram channel to be notified when registration opens.
Earlier this year, in January, Huobi hinted that it is planning to open a new office in San-Francisco. The exchange has been actively reaching out for overseas markets recently, opening a South Korean subsidiary and searching for new opportunities in London as well. The company is currently headquartered in Singapore, while its roots come from China.
HBUS’ launch in US is about to supply the high demands in crypto exchanges on country’s market to become a kind of regulative echelon. HBUS emphasized in its recent post that all company’s employees have passed training in Counter-Terrorism Financing (KYC) and Anti-Money-Laundering (AML) and have been examined by tests on the subjects.
There are also other threats, such as powerful rivals to HBUS like Binance and OKEx. To stay afloat, Huobi decided to diversify investment fields, and recently have revealed the launch of its new public blockchain. It’s highly likely that more different products and services should be expected from Huobi.
At the beginning of June Huobi launched a crypto-based exchange traded fund (ETF). Its operation based on mutual fund that divides ownership of underlying digital assets into shares. The ETF relies on its market index, which has been established earlier. It uses Tether (USDT) to monitor the exchange’s 10 top-traded digital assets.
Huobi also partnered with other companies this month with an aim to start a China-South Korea investment fund for blockchain startups, devoting $93,000,000 to collaboration between the two countries.