The Chinese cryptocurrency exchange Huobi has verified the reports about trading on its newfangled Australian platform on July 5.
As per Coinmarketcap, it is the fourth largest exchange in the world, with a whopping $713 million trading in and out every day.
Huobi, which also inaugurated its London based service dedicated to the European market, in a statement, said that pairs would be phased all round the clock on Thursday from 10 in the morning Sydney time.
Ten pairs will initially be on offer for Australian dollar, including Bitcoin, Ethereum, Litecoin, Ethereum Classic and Bitcoin Cash.
“In the future, Huobi Australia will open more trading pairs to all users,” the exchange added in its announcement.
Huobi’s foray into the foreign markets comes at a really strategic time as there are numerous major exchanges on the same pathway.
The largest exchange in the world, Binance, has moved its operations to Malta, allowing it a greater access into the European market. Similarly, Coinbase, the American volume leader has plans to set up a dedicated Japanese operation.
Just like Japan, Australia has very strict prerequisites for the cryptocurrency operators, with the latter’s regulations facing continuous criticism. Not being perturbed by the current scenario, Huobi also plans on adding onto the blockchain boom in the local economy by its investment subsidiary Huobi Capital which has a USD 200 million Global Ecosystem fund.
“Crypto-traders in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market,” Huobi Australia CEO Adrian Harrison said.
“For Huobi Group, the move to Australia is a natural fit… We are keen to partner with the growing numbers of Australian blockchain projects looking to list in a maturing market.”