Crypto exchange Huobi plans to enter Vietnam’s blockchain market

Blockchain/Bitcon. Photo: Bloomberg

Huobi Pro, the world fourth largest crypto exchange, plans to foray into Vietnam’s blockchain market and also explore investments and partnerships in Asia, local media reported.

The crypto exchange platform is planning to support enterprises in the development of blockchain technology in Vietnam.

In China, the Huobi Group recently announced a partnership with the Tianya Community Network, setting up a $1 billion fund to invest into startups using blockchain technology.

“From our own research, we recognize that Vietnam is one of the fastest-growing countries in the industry and is actively engaged in technology,” Wu Xing, Huobi Pro’s Senior Director was cited by local media.

In Vietnam, Huobi Pro is actively seeking opportunities and building a local team to expand its business in the near future, Wu revealed.

“Vietnamese startups can collaborate with Huobi through the use of the Huobi Token to invest in quality blockchain projects, working with us through incubator programs or blockchain technology investment funds,” she said.

Founded in 2013, Huobi is currently the world’s fourth-largest crypto-exchange by trade volume, according to data from CoinMarketCap, trading about $1.2 billion in the past 24 hours to press time.

Huobi Global has offices in Singapore, Japan, South Korea, Hong Kong and the United States, popularizing the service to millions of users in more than 130 countries and regions around the world. Under Houbi Global, Huobi Pro is the digital asset trading platform, providing commercial and investment services for more than 100 digital assets, headquartered in Singapore.

Last year, Huobi Group and SBI Group (formerly Softbank Investment Group) reached a strategic partnership agreement to jointly develop digital assets financial services in Asia.

The digital assets exchange is said to provide by both SBI Virtual Currencies and Huobi Japan in early this year. The move will see Huobi renew its cryptocurrency trading business with the launch of two exchanges in Japan.

Huobi Pro and Kyber Network will jointly host the 2018 Blockchain Festival in Ho Chi Minh City, Vietnam on May 24-25.

“There has been a surge in demand from the Vietnamese market and we hope that by opening up new opportunities here, we can have a positive impact on both the local economy and ecosystem,” Wu said.

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