Huobi Global Rebrands to Huobi, Aims for a Caribbean Office

Huobi, a major cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term founded in China, has launched and refreshed its brand and changed its name from 'Huobi Global' to 'Huobi'. According to Wednesday's press release, the newest branding strategy unites with the global expansion plans and the recent acquisition by About Capital, a Hong Kong-based buyout fund.

The name Huobi originates from two Chinese characters representing 'perpetual vitality' and 'determination to win'. The name is meant to reflect the platform's desire to return to the ranks of the three most prominent cryptocurrency exchanges in China and provide professional cryptocurrency management services.

"Huobi will keep focusing on creating cutting-edge assets and supporting assets with strong market potential, as well as empowering communities built on projects. In keeping with the spirit of using science and technology for good, Huobi will strive to build a safer and more stable environment for users to participate in early-stage quality projects," Huobi commented in a press release.

The Chinese cryptocurrency platform wants to start its global expansion by establishing its new branch in the Caribbeans, utilizing local laws supporting the crypto expansion and the common use of the English language.

At the same time, Huobi intends to strengthen its investments in Europe and Southeast Asia, aiming to offer new solutions and products to its existing user base. The exchange intends to explore mergers and acquisitions and recruit global talent from the cryptocurrency and blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term industries to accelerate its growth.

Huobi Moves Around the World

One of the oldest crypto exchanges, established back in 2013, began global moves a long time before the current rebranding. In May 2022, Huobi acquired Bitex, a crypto exchange with a strong presence in Argentina, Chile, Paraguay and Uruguay, to enhance its business in the Latin America region. LATAM is currently one of the fastest-growing digital asset regions in the world, remaining in the top 5 in terms of cryptocurrency adoption.

Four months later, Huobi gained regulatory approval from the Financial Services Commission (FSC) for the British Virgin Islands. The authorization was granted to Huobi's local branch, Brtuomi Worldwide Limited (BWL). The new license will enable Huobi to start derivatives and spot crypto trading in new jurisdictions.

However, the last few months have not proved to be totally trouble-free. In June, Huobi informed the public about shutting down its operations in Thailand due to the cancellation of its local license after the digital asset services provider failed to fix system issues despite several extensions.