HUOBI Group Sets up Shop in Middle East and South Asia

Huobi Group revealed at the World Blockchain Summit in Dubai that the company is looking to expand its operations to the Middle Eastern, African and Asian markets in a bid to provide services to its unbanked or underbanked residents.

Co-founder Mohit Davar commented, "As Dubai is leading the blockchain effort in the region, it makes sense for us to set up our regional head office here."

Huobi's Dubai will be able to provide services to its customers in the future. Huobi's dealings in those regions will include token-to-token trading – which is the life of the business incubator and an education center.

This announcement marks Huobi's most recent move to an aggressive year of expansion for the company. So far in 2018, it has established a presence in Brazil, Canada and Japan. Serving 130 different countries, the Singapore-based company's cumulative turnover exceeds $ 1 trillion.

Huobi MENA, the company's marketing arm, is also working to build relationships with many of the world's most important companies. AI Traders.

Recently, Huobi made headlines thanks to its ongoing work with stablecoins. The company has upgraded its light, multi-chain professional wallet, known as Huobi Wallet, to support six new stablecoins including True USD (TUSD), Dai (DAI), Paxos Standard Token (PAX), STASIS EURS (EURS), Gemini Dollar (GUSD) and USD Coin (USDC). Previously, the wallet only provides support for Tether, and Huobi Wallet is now the first to support all seven corners.

"Huobi Vice President Livio Weng explains," Huobi believes in giving users maximum flexibility and choice when it comes to handling their digital assets, so this upgrade was a natural move for us. "

In addition, Huobi recently launched its own aggregate stablecoin as Huobi USD (HUSD). The currency allows investors to deposit any of the platform's supported stablecoins in their digital accounts. These currencies are then shown as HUSD in the accounts, although they are not sufficient. They can then get a different stablecoin of which they have an excess balance.

Stablecoins are often considered to be legitimizing the cryptocurrency arena and bringing institutional investors to the table. Larger, institutional players have shown reluctance when it comes to becoming involved in the cryptocurrency arena due to the ongoing volatility of payment coins like bitcoin and ether.