Earlier this week, the world`s fourth-largest cryptocurrency exchange Huobi announced trading has commenced on its recently-launched platform in Australia. It appears Australia is making a name for itself in the world of cryptocurrency; a couple of cryptocurrency and blockchain-related initiatives have been reportedly launched in Australia in recent times, one being the Australian government`s contractual agreement with IBM Australia & New Zealand to develop blockchain and digital technological initiatives for the government.

 

Huobi’s drive towards global expansion comes as no surprise to many industry players, especially so because most crypto exchanges have tended to continually look outward for potential opportunities; many are constantly on the lookout and in pursuit of untapped markets in their quest to grow their user bases.

 

Huobi currently operates offices in Brazil and Canada among others. Data from CoinMarketCap shows that the exchange has a daily trade volume of $713 million. The firm has stated that trading will commence with ten pairs exchange for the Australian dollar such as bitcoin, bitcoin cash, ethereum and litecoin among others.

 

Huobi has urged its users to exercise some patience as it readies itself to launch “more trading pairs to all users” in the future. Huobi Australia CEO Adrian Harrison has stated that he has a thorough understanding of what constitutes the interests of Australian investors, who are typically quite informed and “sophisticated.” He said: “Crypto-traders in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market.”

 

The exchange has also set its sights on the blockchain space in Australia and is reportedly putting in place measures to help contribute to its growth. Finder Australia has reported that the company will use its $200 million Global Ecosystem Fund and its consulting service to “partner with the growing numbers of Australian blockchain projects” who are looking to expand in the Australian market.

 

Huobi has forged an alliance with Blockchain Global to develop and foster the adoption of cryptocurrencies to Australians and the world at large. Sam Lee, CEO of Blockchain Global has stated that his firm’s partnership with Huobi is a win-win for the country’s blockchain space. Lee asserted: “strategic alliance with Huobi Australia represents our journey towards fostering the mainstream adoption of cryptocurrencies and blockchain technology in Australia and around the world.”

 

The Global Blockchain CEO holds the belief that his firm’s “technical expertise in running cryptocurrency exchanges” coupled with its long-standing “relationships with regulators, industry bodies and investors” is advantageous to Huobi`s expansion efforts into Australia and the widespread adoption of crypto assets such as ethereum and bitcoin.

 

Reports show that in recent times Huobi has experienced rapid expansion. Barely a week ago, the exchange commenced operations in its European office in London with over-the-counter (OTC) trading scheduled to commence later this year. During the official opening of this new office, Huobi European Exchange Director Lester Li stated that the expansion was in response to the observable growth in demand in Europe.

 

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Images from blockchaincentre.com.au and BCFocus

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