Cryptocurrency exchange Huobi begins its operations in Japan


The popular cryptocurrency exchange Huobi announced that it has officially launched its services in the country of Japan. In a celebrative tweet, the Japanese division of Huobi wrote January 8:

Furthermore, the Japanese division of the cryptocurrency exchange has already informed its users that the trading will start January 8th. To celebrate the launch, the exchange will launch a campaign, giving Ripple (XRP) a value of 500 yen (about $ 4.60) for any new account.

According to data from CoinMarketCap, Huobi is currently the seventh largest exchange of cryptocurrencies via trade volume. At the end of December 2018, the South China Morning Post reported that the company is "optimizing staff" by cutting some of its worst employees, citing a spokesperson for the Huobi Group.

He also added that the company is still hiring people for emerging markets and core businesses. However, it is interesting to note that layoffs are taking place in a prolonged bearish market, given that in 2018 some 700 billion dollars were swept away by the cryptocurrency market.

In October, Huobi launched a new interchangeable stable currency called "HUSD". Unlike other stable coins, the HUSD is interchangeable. The official announcement explains:

"For example, when you deposit 1 PAX, it will show up as 1 HUSD in your account and you can withdraw 1 TUSD (without considering the transaction fees on the blockchain)."

About Huobi

Being the seventh largest cryptocurrency exchange, Huobi was founded in 2013 and, it is said, has become the leading digital asset trading platform in China at the time. The company has seen investments from large companies such as Sequoia Capital.

The exchange has offices in several countries such as Singapore, Hong Kong, Japan, Korea and operates in over 130 countries.

In November 2018 CryptoPotato interviewed the Head of Business Development and Investment in North America for the Global Ecosystem Fund in Huobi. The cryptocurrency trade marked the United States as the next target for expansion.

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