Singapore-based crypto exchange operator, Huobi Group, has announced four new partnerships that will open independent exchanges in new markets covering Canada, Russia, Indonesia and the Philippines.
The new exchanges will operate independently but continue to leverage Huobi’s own cloud platform infrastrucutre in what may be best described as a white-label franchise model.
Huobi Cloud launched in mid-July to provide technology solutions to global digital asset exchanges. The company allows companies to set up OTC and currency exchanges and also provides order integration systems, wallet software, and asset management and clearing services.
Independent OTC exchanges can launch their own crypto/fiat pairs
For companies wanting to set up their own exchanges, the platform significantly lowers the barriers to entry, both in terms of cost and the time it takes to set up an exchange. Independent exchanges can offer their clients zero-fee trading and offer their own fiat to crypto combinations according to market demand.
Over 1,400 companies have so far applied to partner with Huobi Cloud, of which just four have been selected so far. The launch partners include Asia International Finance Holdings, Chi Fu Group, Dbank Group, and Yatai International Holding Group.
Next week, the Huobi Digital Asset Exchange will launch in Manila and the Asian Digital Asset Exchange will open in Indonesia. The following week will see the Shubao Digital Asset Exchange open in Taiwan and the Huobi Russian Digital Asset Exchange will launch in Moscow.
Huobi is now the world’s third or fourth largest cryptocurrency exchange, depending on the metric being measured. Now based in Singapore, the company was founded in Beijing but moved when the Chinese government began cracking down on both exchanges and ICOs last September, with further moves to crack down on cryptocurrency-related web content implemented in February.