Even after all the hiccups and troubles that it had to face, Huobi Global has finally made a promising announcement for its users. The news has not only come out as a positive thing for the Huobi Global users but also for the entire cryptocurrency community.
Huobi Global is one of the most prominent and recently, one of the most controversial/discussed crypto-exchanges based in Singapore. The exchange faced a lot of downfall at the beginning of the running year due to the fears, doubts, and uncertainties related to its operations.
However, the exchange has managed to survive against all odds and come out as yet another successful exchange.
The Huobi Global crypto-exchange is ready to launch an independent crypto-exchange. This exchange will be operating independently and will be licensed to trade using Huobi’s name.
Huobi Global will be launching an independent crypto-exchange based in Malaysia. The independent exchange will be operating in Malaysia under the name as ‘Huobi Labuan’.
The exchange has announced that it has decided to launch an independent exchange in Malaysia after the recent developments with the Malaysian Government.
Huobi Global confirmed that it had finally acquired the license to provide digital trading brokerage services in Malaysia. The license was granted to Huobi Global by the Malaysian authorities. The exchange revealed that it decided to launch an independent exchange right after it acquired the license in 2020.
The Huobi Labuan operatives have confirmed that their initial offerings for the first nine months of launching. The exchange informed that for the first nine months, it will be offering crypto derivatives and spot trading.
For trading, it will initially be offering more than 12 cryptocurrencies that include Ether (ETH), Bitcoin (BTC), EOS, and the native token offered by Huobi. This phase will serve as a trial period where the exchange will be gathering useful data around the demands and investments of investors.
In this phase, the exchange is all set to make any changes or amendments to their operations to accommodate the needs of investors. Once the trial starts to bring in positive feedback, then the exchange will go out on providing the majority of the cryptocurrencies. It will also provide more trading options and services to its Malaysian users in the long run.
The Huobi Labuan has also clarified that its infrastructure will be a build-up in collaboration with Huobi Cloud. Both entities will act as local operating partners for each other.
When it comes to trading technology, the Huobi Labuan will be making full use of the well-developed trading technology of Huobi Global. Using the technology, the exchange will be offering brokerage services to locals of Malaysia.
For those who do not know, Huobi Labuan is one of many subsidiaries that have been introduced by Huobi Global. Apart from Labuan, Huobi currently has independent crypto-exchanges all over the globe.
So far, the exchange has exchanges operating in the United States, Turkey, Thailand, and Argentina.