China and the United States of America are collaborating on a new crypto project of major importance for one of the most famous cryptocurrencies exchange platforms in the world.
We are talking about Huobi exchange. It was launched in China and has focused especially on the Southeast Asian markets. Because of the regulations implemented by China last year relating to crypto exchanges in the country, Huobi was forced to relocate overseas. Today, the platform has its main headquarter in Seychelles- a small country in Africa.
The future plans of the platform include the internationalization of its core business activities. Thus, Huobi is preparing to open a new headquarter in San Francisco.
During the Blockchain Connect Conference, held on 26 January 2018 in San Francisco, the Huobi’s Chief Strategy Officer- Cai Kailong has announced about the platform’s plans related to their installation in the U.S.A. He argued that “the U.S. will be our focus right now“.
The team has already begun the construction in the Silicon Valley area and promises to have a huge success.
Which are the main reasons?
Following the ban on trading activities between digital currencies and fiat ones by the laws in force introduced in 2017 by China’s Government, Huobi has resulted in offering users only crypto-to-crypto trading pairs. This has limited too much the company’s development and market’s demands.
The main reason why the company wants to focus on the American market is the internationalization of crypto exchange services. Also, this change will give the company more freedom to attract another market segment than they could have in China.
Last month, Huobi has announced publicly on their official website about an official partnership with SBI Group investment enterprise. Their purpose is to launch new pairs of crypto exchanges. However, there are still no fresh news about the date when this will happen.
Do you think that the San Francisco’s headquarter will attract more interest in Huobi’s activities?