Huobi To Launch Crypto Exchange With EOS As Base Currency
Huobi Group announced on Saturday (29 December 2018) that Huobi Pool, the company’s crypto-currency mining subsidiary, will launch a crypto-exchange dedicated to EOS in Q1 2019.
The Huobi Group, which was established in 2013 and is supported by the American venture capital firm Sequoia Capital, owns the world’s third largest cryptocurrency exchange (by “adjusted” trade volume).
Its cryptocurrency (BTC and BCH) mining arm, Huobi Pool, offers a platform “connected to the trading platform, where the earnings of miners can be withdrawn and subsequently deposited and traded on the Huobi OTC or Huobi Exchange”
On 25 September 2018, Huobi Pool “broke into the top 10 mining pools worldwide through hashrate distribution.” This increase in computing power is thought to have been due to the launch of Huobi Pool Token( HPT), “the first sub- token for the Huobi Token( HT) ecosystem,” on 20 August 2018.
Huobi’s press release states that Huobi Pool “has worked closely with the EOS community since the company was launched earlier this year.” Among its achievements in 2018 is its collaboration with “other block manufacturers to build an EOS test chain, the Crypto Kylin Testnet, where EOS-based projects can be tested.”
Also, it “developed a voting platform for EOS holders and set up an EOS community to make holders more aware of node elections.”
Huobi’s new cryptocurrency exchange, which will be launched within the next few months, will be using EOS as a base currency, allowing “users to trade EOS against a number of other cryptocurrencies.”
Cao Fei, Huobi Pool’s CEO, said:
“As an EOS super node, Huobi Pool has placed its ecological development high on its list of priorities. Launching this EOS exchange is simply the next logical step in our support. Today’s news comes a day after Huobi Global announced that Huobi’s cryptocurrency derivatives exchange, Huobi Derivative Market (“Huobi DM”), had “expanded its contract trading services to include EOS.”
“Inclusion on Huobi DM” allows “traders to take both long and short positions on EOS, allowing for arbitrage, speculation, and hedging.”
Regarding Huobi DM, Huobi Global CEO Livio Weng said
“Huobi DM can be a powerful tool in managing risk in EOS and other cryptocurrencies. That’s an important factor when dealing with bear markets, such as the one we find ourselves in now.”
At the time of writing this article, EOS (the fifth most valuable crypto by market cap) is trading at $2.60, down 0.1% in the past 24-hour period.