Huobi Pool, the mining operation within Huobi Group, plans to open an exchange dedicated to EOS trades in the first quarter of 2019. Users will be able to swap EOS for other cryptocurrencies on the ne
Huobi Pool, the mining operation within Huobi Group, plans to open an exchange dedicated to EOS trades in the first quarter of 2019. Users will be able to swap EOS for other cryptocurrencies on the new platform.
Cao Fei, who runs Huobi Pool, framed the launch as a natural extension of the organization's work as an EOS super node. "Launching an EOS exchange is simply the next logical step in our support," he said.
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Huobi Pool has worked with EOS developers since launching its mining business earlier this year. It partnered with other block producers to build the Crypto Kylin Testnet, where developers test EOS-based projects. The pool created a voting mechanism for EOS holders. It also built a community hub to inform holders about node elections.
EOS runs atop the EOSIO blockchain, a platform developed by Block.one, the Cayman Islands-based company. EOSIO operates as a smart contract system and decentralized operating system. According to Block.one, the platform eliminates transaction fees and processes millions of transactions per second. The company secured $4 billion in funding through the world's largest initial coin offering in June 2018.
Huobi, headquartered in Singapore, operates the world's third-biggest cryptocurrency exchange. Coinmarketcap's data tracks some $500,000 in daily volume. In recent weeks, the platform added EOS derivatives contracts to its Huobi Derivative Market.
The EOS exchange announcement comes amid a broader expansion push at Huobi. The company unveiled its Huobi Chain whitepaper the previous week, laying out a new blockchain designed for security, transparency, and high-frequency transactions. Geographic expansion targets Russia, Indonesia, Taiwan, the Philippines, and Canada. Gibraltar's Financial Services Commission awarded Huobi a full Blockchain Technology license earlier in the month, establishing a regulated foundation for the exchange.
Lester Haoda Li, head of Huobi's institutional division in London, discussed the regulatory milestone. "Our Gibraltar DLT license will allow us to open a fully-regulated exchange for our global institutional clients and retail clients alike, so this is a big win for Huobi and a very positive step forward for our global strategy," he said. "Among other benefits, our DLT license will allow us to open doors to more institutional investors who were previously unable or unwilling to get involved in an unregulated sphere."
MiningPool content is intended for information and educational purposes only and does not constitute financial, investment, or legal advice.
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