Huobi

Main article: Cryptocurrency exchanges

Huobi Group operates in the blockchain industry, was founded in 2013.

Aktivs

(as of November 2021)

• Huobi Global is a stock exchange operator. Reporting to Huobi Group, it is a global digital asset. Huobi Global is dedicated to exploring investment opportunities.
• Huobi Ventures is the investment arm of Huobi Global. He has knowledge in the development of advanced technologies.

Performance indicators

2022: Trading volume for October - $404 billion

As of October 2022

History

2023

Huobi Token cryptocurrency collapse to $3.4

March 9, 2023 at Huobi Token fell 30% to $3.4. This is a cryptocurrency issued by the Huobi exchange.

Laying off 20% of 1,200 employees and shifting salaries to stablecoins

In early January 2023, the Huobi cryptocurrency exchange laid off 20% of its staff of 1,200 people as part of business optimization. News of the layoffs was first circulated by Chinese journalist Colin Wu, who initially revealed that the exchange plans to lay off about 40% of staff from its team and cut senior salaries. A later report said employees were asked to be paid in stable coins such as the USDC and USDT, and those unable to do so would be fired. The move sparked an outcry from some employees.

These messages came after the exchange became insolvent. Justin Sun, the founder of the Tron blockchain, who became Huobi's adviser and public face in October 2022, denied the reports on Twitter on January 5, 2023, saying things were going "well" and that "the security of users' assets will always be fully protected."

Crypto exchange Huobi laid off 20% of employees

Huobi carried out staff cuts earlier in 2022. In June, approximately 300 employees were laid off from the platform, about 30%. There were no new cuts to official communications, but on December 29, 2022, platform chief Justin Sun announced that Huobi would hire more women in the future as it strives for "inclusivity and diversity in the workplace." A Huobi spokesman also said the bankruptcy reports were untrue and that the layoffs were aimed at "streamlining the structure" and "improving the efficiency" of the business.

In November 2022, Huobi took eighth place among cryptocurrency exchanges in terms of trading volume according to CoinGecko, and as of January 11, 2023, 12 million people visit it. Justin Sun added that since November 2022, the Huobi platform has attracted an average of 20,000 new users per day.

The layoffs hit the cryptocurrency industry hard amid harsh bear markets dubbed the protracted "crypto-zima," with some cryptocurrency markets, such as Bitcoin, down more than 60% since January 2022. This follows a string of employee layoffs by other cryptocurrency companies, including Kraken crypto exchanges, which cut staff by 30%, Coinbase reduced staff by 18%, Crypto.com reduced staff by 30%, and Bitmex by 30%. Dapper Labs, a marketplace for unplayable tokens, laid off 22% of its employees in November 2022.^[1]

2022

Giving up your own stablecoin

In October 2022, the Huobi exchange abandoned its stablecoin. After delisting, users' assets in HUSD will be converted to USDT in a 1:1 ratio.

Refusal to impose restrictions against Russians

In October 2022, the crypto exchange Huobi Global announced that it would not impose restrictions on Russians amid sanctions imposed by other exchanges under pressure from the US authorities over the conflict in Ukraine.

Signing Memorandum of Understanding with Busan Government on Blockchain Infrastructure Development

Over the past two weeks, three major cryptoexchanges ones - and Binance FTX Huobi - have signed Busan memoranda of understanding with the city government aimed at developing infrastructure in blockchain. South Korea This was announced on September 16, 2022 by representatives of Huobi Global. More. here

Obtaining a license to operate in the British Virgin Islands

Huobi Group on September 9, 2022 announced that it had received permission from financial British Virgin Islands the British Virgin Islands Financial Services Commission (BVI FSC) to operate as a licensed virtual asset exchange. Operations in the region will be managed by a subsidiary of Brtuomi Worldwide Limited (BWL).

According to the source, BWL will become the first licensed platform for trading digital assets in the British Virgin Islands with permission to work with institutional-level assets - these will include licensed financial institutions from around the world. Both professional and retail investors will have access to the platform. BWL will provide spot trading, derivatives trading (perpetual and calendar futures), and other advanced financial products.

It is a landmark permit and makes Huobi the first licensed digital asset exchange for institutional-level derivative products in the British Virgin Islands. This is the result of our experience, professional knowledge and reputation in the cryptocurrency industry. We see huge opportunities in the cryptocurrency derivatives market. In 2021, perpetual futures will account for about half of the world's cryptocurrency trading volumes. Given the growing importance of regulatory compliance in the industry, we will strive to meet regulatory requirements as we enter new markets. In the future, we will work closely with British Virgin Islands regulators to develop a package of licensed trading products and promote the growth of the cryptocurrency industry in the islands, said Huobi Group CFO Lily Zhang.

Since 2019, when the Financial Action Task Force to Combat Money Laundering released a statement on virtual assets and related providers, global policymakers have accelerated the adoption of legislation and regulations related to cryptocurrencies. The Huobi Group's operational authorization shows progressive regulation in the British Virgin Islands regarding cryptocurrencies, and indicates comprehensive support for virtual asset service providers from the state.

Huobi Group seeks to comply with the regulatory framework of all countries where it operates; at the beginning of September 2022, the company's legal branches were created in both Japan and Gibraltar.

On April 16, 2021, the FSC approved the BWL to participate in the regulatory sandbox of the British Virgin Islands and entered it into the register of members of the Sandbox FSC of the British Virgin Islands.

Huobi founder Li Lin put up for sale his stake in the exchange for $1 billion

In August 2022, Huobi founder Lee Lin put up for sale his stake in the exchange for $1 billion - Justin Sun and Sam Bankman-Fried are among the possible buyers, reports. As Bloomberg a result of the transaction, the trading platform can be valued at $2-3 billion.

Reduction of 30% of employees against the background of a sharp drop in income

In June 2022, it was announced that the cryptocurrency exchange Huobi would cut its staff by 30% amid a sharp drop in revenues. Huobi founder Leon Lee is selling his shares in the company.

Sponsorship agreement with the Spanish national men's national football team

May 31, at a press conference Madrid cryptoexchange in Huobi will announce concluding a two-year agreement with the national men's team Spain football. This became known on May 26, 2022.

The crypto exchange will become the only sponsor of the team from the blockchain sector and cryptocurrencies.

Representatives of the Spanish Football Federation (RFEF) and Huobi Global, as well as a question-answer session and a photo session.

James Hume, Senior Business Director at Huobi Global, will talk about Huobi's strategy for strengthening the company's position as a player in the developing blockchain the space of Europe. Synergy between the actively developing blockchain world and the game in football is obvious - both areas are distinguished by an active fan community. Huobi sees huge potential in the development of this alliance and believes that for both parties a revolutionary partnership between technology and sports will be mutually beneficial.

Best of all, technological innovations characterize their ability to be useful for people with disabilities. As part of Huobi's sponsorship will provide financial support to Jesus Suarez. Personal experience of vision loss pushed his to release the app Escoita, which allows people with a violation of view enjoy the sounds and actions of a sports match in real mode of time. Huobi believes support will allow Suarez to continue to innovate for the benefit of sports fans.

2021

Cryptocurrency memes have become the main trend on the stock exchange

Cryptocurrencies based on well-known memes are considered one of the main trends in 2021, according to representatives of the Huobi Global crypto exchange. According to the analytical platform CoinMarketCap, the sum of the two most popular meme cryptocurrencies - Dogecoin (DOGE) and Shiba Inu (SHIB) - is 97% of the total amount of all memkoins and invariably falls into the top 10 list of coins by trading volume on the Huobi Global platform.

The popularity of cryptocurrency memes is an important phenomenon that has yet to be studied, according to the regional office of the crypto exchange Huobi Global in the CIS and Turkey. These cryptocurrencies receive strong community support, which is built around them primarily because of the "meme" of these projects.

In the wake of the popularity of cryptocurrency memes, the market is literally filled with new projects that crave the fame and investment of those who managed to get into the lead. Most of the projects freely mimic under the main meme - you just need to take a cute animal into avatars, and everything will work out. Among them are Samoyedcoin, Floki Inu, Dogelon Mars, and so on, which have already gained popularity. However, where some crypto projects rely on growing popularity and investment, others use memes and hype for fraudulent schemes.

For example, after the Korean series' Squid Game 'gained incredible popularity, the SQUID cryptocurrency meme immediately appeared, which was created by anonymous developers and which fans of the series rushed to buy. The project turned out to be fraudulent: by selling "digital candy wrappers," the founders used a pre-prepared exploit in a smart contract, stealing investor funds - after which the course of the SQUID cryptocurrency collapsed to almost zero values. This story tellingly demonstrates that an investment decision based only on 'meme', fashion and excitement can lead to dire consequences.

Move spot trading to Gibraltar due to restrictions by Chinese authorities

In November 2021, it became known that the Chinese crypto giant Huobi Group is moving its spot trading to Gibraltar, taking steps to exit China, where the authorities are harshly suppressing the industry.

The move will allow Huobi Group to offer spot trading services through Huobi Gibraltar, a centralized digital asset exchange regulated by the GFSC.

"The global cryptocurrency industry is moving towards solid growth and we recognize the need to align our business with this trend," Huobi Group co-founder Du Jun said in a statement.

More than 60 companies invested in the blockchain industry

By 2021, Huobi Group has expanded into public blockchains, digital asset trading, wallets, mining pools, private investment, incubation, digital asset research and more. Huobi Group has created a global industry ecosystem for the digital economy by investing in more than 60 companies in the blockchain industry.

Ban on new phone accounts in China and plan to remove existing ones

The world's two largest Bitcoin exchanges suspended registration of new accounts for Chinese users in September 2021, and one will delete current accounts, taking measures to comply with Beijing's latest ban on cryptocurrencies.

Huobi exchanges and Binance do not allow traders to use mainland mobile numbers China to register new accounts. Registration Hong Kong China is still available to users from on both platforms, but mainland is no longer an option to create new accounts.

Huobi also announced plans to close existing accounts before the end of the year.

2018

Launch of $1 billion blockchain fund

In June 2018, the Huobi cryptocurrency exchange, which by this time is the third largest in the world, announced the creation of a $1 billion fund to invest in blockchain startups. This step was taken in order to strengthen the position of the exchange in the country, where a state ban on trading in a pair of yuan-bitcoin was introduced.

Cryptocurrency exchange Huobi, one of the top three, has created a $1 billion fund to invest in blockchain startups

The project, called Global Cultural and Creative Blockchain Lab, is being launched in conjunction with China's Tianya Community Network Technology, an emerging social networking platform.

Due to the fact that China vkho­dit in a new era of eko­no­mi­ki, we re­shi­li to carry out transformations in the eko­no­mi­che­skoy zone of Khay­na­nya. It is the strategy of the national level which personally planned, the president Xi Jinping developed and advanced, - it is said in the statement of Huobi.

Huobi is investing in blockchain despite restrictions imposed by Chinese authorities on cryptocurrencies and ICOs.

In June 2018, Huobi also announced the creation of a Korean-Chinese blockchain fund in the amount of $93 million. As part of this initiative, financial support will be provided to startups from the Middle Kingdom and South Korea engaged in blockchain technologies.^[2]

One of the largest crypto exchanges, Binance, is also moving in a similar direction. In June 2018, she announced her $1 billion Social Impact Fund. It is reported that funds from the Binance fund will be used to increase the number of cryptocurrency and blockchain startups. 

Total trade turnover - about $1.7 billion

Founded in 2013, Huobi quickly became one of the two largest China cryptocurrency exchanges in along with OKCoin. Huobi supports dozens of cryptocurrencies and digital assets, and the total turnover trade on the site is about $1.7 billion. The platform operates in 130 (countries June 2018).

Notes