Cryptocurrency Exchange Huobi Begins Its Operations in Japan

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

Additionally, the Japanese division of the cryptocurrency exchange has already informed its users that trading will begin on January 8th. To celebrate the launch, the exchange will initiate a campaign, giving Ripple (XRP) worth 500 yen (roughly around $4.60) to any new accounts.

According to data from CoinMarketCap, Huobi is currently the 7th largest cryptocurrency exchange by means of trading volume. In late December 2018, the South China Morning Post reported that the company is “optimizing staffing” by cutting some of its worst-performing employees, citing a Huobi Group Spokeswoman.

She also added that the company is still hiring people for emerging markets and core businesses. However, it’s noteworthy that the layoffs take place amid a prolonged bear market as 2018 saw around $700 billion wiped off the cryptocurrency market.

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

“For example, when you deposit 1 PAX, it will show as 1 HUSD in your account, and you can withdraw 1 TUSD (not considering transaction fees on the blockchain).”

About Huobi

Being the 7th largest cryptocurrency exchange, Huobi was founded in 2013 and reportedly became the leading digital asset trading platform in China at that time. The company has seen investments from major corporations such as Sequoia Capital.

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

In November 2018 CryptoPotato interviewed the Head of Business Development & Investment in North America for Huobi’s Global Ecosystem Fund. The cryptocurrency exchange has marked the US as its next target for expansion.