Cryptocurrency exchange Huobi leads partners to launch new digital trading platforms in the market crash

Huobi Group, operator of the third largest cryptocurrency exchange in the world with daily trading volumes, has chosen five partners to open their platforms through their Huobi Cloud in new markets even if the world's major digital currencies are in crisis . [19659002] "Together with Huobi Cloud's business partners, we can offer a lower barrier to emerging economies to enter and participate in the thriving blockchain ecosystem," said David Chen, senior business director of Huobi, in a statement released Thursday.

the company said it had selected Yatai International Holding Group, Vnesheconombank, Chi Fu Group, Asia International Finance Holdings and Dbank Group to create a new cryptocurrency exchange in the Philippines, Russia, Taiwan, Indonesia and Canada.

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Huobi Cloud, which was introduced last month, allows users to build their own Huobi as the Second Company, exchange of digital currencies, including wallet and asset management clearing functions

Collaborating with new partners to establish new exchanges through Huobi Cloud would allow the company to accumulate more user data for its operations, according to analysts.

Founded in 2013, Huobi currently processes more than 190 pairs of cryptocurrencies. A trading pair represents an exchange between one type of cryptocurrency and another.

The company moved its headquarters to Singapore from Beijing in October, following the Chinese government's crackdown last year on all cryptocurrency exchanges and the first coin bidding.

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His strategy to support the creation of new cryptocurrency exchanges in more countries shows confidence in the market, despite the recent collapse of almost all digital currencies.

the total market capitalization of cryptocurrencies has fallen to 192 billion US dollars from a peak of 835 billion dollars in January, with bitcoin – the largest digital currency – down 54% this year and down about 60%, according to Coinmarketcap.com.

The interest in the new cryptocurrant exchanges could be lukewarm, according to an analyst.

"When the crypt Mar Ket is going through a major line-up, there will certainly be fewer people interested in trading virtual currencies," said Katt Gu, Strategic Coin consultant, a market research company based on cryptocurrencies in the United States.

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The number of visits to the cryptocurrency trade has already decreased in parallel with the decline in the value of bitcoin, which fell below $ 6,000 on Tuesday .

Total visits to Huobi reached 3 million last month, down from nearly 25 million in February this year, according to Similarweb, an online traffic analysis platform.

Binance, the world's largest cryptocurrency exchange, saw visits decrease to less than 50 million in July from over 75 million in February. In response to last year's Chinese repression, Binance moved its headquarters to the island state of Malta in southern Europe from Hong Kong.

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