Huobi: The Hong Kong-Based Cryptocurrency Exchange Making Waves
Founded in 2013, Huobi has grown to become one of the largest cryptocurrency exchanges in the world. Headquartered in Hong Kong, Huobi provides cryptocurrency trading services to millions of users across over 130 countries.
A Brief History of Huobi
Huobi was founded by Leon Li, a former computer engineer at Oracle. Along with co-founder Du Jun, Leon launched Huobi as a platform for trading Bitcoin and Litecoin.
In its early days, Huobi was focused on the Chinese cryptocurrency market. However, after China banned cryptocurrency trading in 2017, Huobi shifted its operations overseas. Today, Huobi has offices and operations across the globe, though the company still maintains strong ties to its Chinese roots.
Over the years, Huobi has raised over $500 million in funding from major investors including Sequoia Capital, ZhenFund, and Beijing Zhongguancun Development Group. This influx of capital has allowed Huobi to scale up rapidly and expand its offerings.
Products and Services
Huobi offers a comprehensive suite of cryptocurrency-related services:
- Exchange – Huobi operates a digital asset exchange where users can trade hundreds of cryptocurrencies with low fees. Trading pairs include BTC, USDT, ETH, as well as many major altcoins.
- Margin Trading – Experienced traders can trade cryptocurrencies with leverage up to 5x using Huobi’s margin trading platform. This allows traders to amplify profits but also increases risk.
- OTC Trading – For large volume traders, Huobi provides an over-the-counter (OTC) trading desk that facilitates transactions between institutional investors and whales. Minimum trade size is $50,000.
- Lending – Users can lend out their crypto holdings to earn interest. Huobi offers competitive interest rates across a variety of coins like BTC, ETH, EOS, etc.
- Staking – Customers can stake coins like TRX, ATOM, EOS to help secure proof-of-stake networks while earning rewards.
- Custody – Huobi Custody provides institutional-grade cryptocurrency custody and reporting services for funds, companies, and high net worth individuals.
- ICO Platform – Huobi Pro offers companies a platform to launch and raise funds via an Initial Coin Offering (ICO).
- Research – Huobi Research provides market analysis, coin ratings, investor reports, and other research resources.
What sets Huobi apart from other cryptocurrency exchanges? Here are some of its key advantages:
- Variety of Coins – Huobi offers trading for hundreds of different cryptocurrency pairs. This includes major coins like Bitcoin as well as lesser known niche coins that may have growth potential.
- Global Presence – With support for 20+ languages and users in over 130 countries, Huobi has one of the most diverse customer bases of any exchange.
- Scalability – Huobi’s platform is designed to be highly scalable, processing millions of transactions per second. This ensures fast execution and order matching.
- Security – Huobi employs robust cybersecurity protections like distributed server clusters, DDoS countermeasures, and data encryption. Just 2% of assets are kept online for trading, while 98% are stored in cold wallets.
- Compliance – As one of the most compliant exchanges, Huobi upholds strict KYC and AML policies to prevent fraud, money laundering, and other illegal activities.
Huobi Token (HT)
Huobi has its own native cryptocurrency called Huobi Token (HT). HT is an ERC-20 token built on Ethereum that can be used to get discounts on trading fees and access other premium features on Huobi products.
Some key benefits of HT include:
- Discounts on trading fees on Huobi exchanges
- VIP benefits like faster customer support, larger referral bonuses, etc.
- Governance rights like voting on new token listings
- Payments for services like discounted prepaid card fees or subsriptions
HT can be purchased directly on the Huobi exchange and is also given out as rewards to active traders. The total supply is capped at 500 million tokens.
Despite the crypto bear market in 2018-19, Huobi continued to grow rapidly. Here are some recent developments:
- Surpassed $1 trillion in cumulative trading volume in early 2019 source.
- Launched a derivatives trading platform in 2019 called Huobi DM that offers BTC and ETH perpetual swaps and options.
- Huobi DeFi Labs was created to invest in Decentralized Finance (DeFi) startups and initiatives.
- Acquired controlling stake in public firm Pantronics Holdings, which allows Huobi to be publicly traded.
- Expanded fiat gateways to support over 40 currencies for payments.
- Partnered with R3, a blockchain consortium, on digital asset solutions.
- Continues to hire top talent and open new regional offices worldwide.
Huobi User Reviews
With tens of millions of users worldwide, reviews of Huobi are generally very positive. Here are a few examples:
“My go-to exchange for altcoin trading with good liquidity. Many trading pairs and tools for charting analysis.” – u/moonRekt on Reddit
“I tried the demo trading platform first before depositing any funds. It was easy to use with fast execution speeds.” – Lucy on Quora
“Huobi has the most comprehensive library of support content. If I ever have an issue, I can always find a detailed help article to resolve it.” – Chan on BitcoinTalk
However, some users have complained about occasional lag during peak trading times, as well as inconvenient hoops to jump through for account verification, trading limits, and withdrawals. But overall most users seem very satisfied with the platform.
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Since its launch almost a decade ago, Huobi has become a top player in the cryptocurrency industry. Its wide selection of digital assets, 24/7 trading, and continual innovation makes it a prime choice for active cryptocurrency investors and traders.
With regulations still unclear in many countries, Huobi’s proactive regulation compliance also gives users and institutions peace of mind when using its products. As the crypto space matures, Huobi appears positioned to continue providing value and carving out a leading role in the emerging digital economy. Hope We explained clearly about huobi hong kongbased about capitalnelsoncoindesk .