Huobi, one of the world’s leading crypto exchange has announced plans to expand its influence to other parts of the world where it sees itself overseeing a significant growth of the cryptocurrency industry in these areas.
The company revealed its plans via its official medium account, following Huobi MENA CEO’s announcement that the exchange is ready to expand to South Asia, Africa, and Middle East where it would be headquartered. The CEO, Mohit Davar announced that the company would be setting up its regional headquarter at oil-rich United Arab Emirate capital, Dubai. Huobi would be offering its regular services and would enjoy winning more customers on the continent as the crypto-industry continue to develop quickly in the region.
“In total, this [services] will include OTC trading, token-to-token trading, blockchain projects incubation, community development, and an educational center,” Kalra, also present at the summit that took place in the Middle Eastern-African country said.
Competition for Expansion
Huobi MENA has made no secret of its plans to enter into a few new partnerships that would see the company thrive in a relatively new region. The company wrote via its blog post it would be focusing its attention first on established AI platforms and leaders that would help develop artificial intelligence and machine-learning-oriented solutions for its virtual trading programs. The company sees these partnerships as an efficient way of ensuring its trading services are faster and more secure. Its statement read:
“Additional plans are in the works for partnerships with other big names in the blockchain industry in order to offer regional traders a safer, faster and more convenient trading experience.”
While Huobi, which is currently the fourth largest exchange in the world, behind the likes of Bitfinex and Binance, is actively pushing towards expansion in Africa, other crypto trade platforms are also hoping to keep their places on the ranks, as they continue to compete for market-shares. Binance, still the largest crypto-exchange in the world, wishes to remain so as it keeps expanding while US-based giants such as Coinbase and Gemini have also revealed plans to set shops in Europe and beyond.