The Huobi cryptocurrency exchange has set up an office in Brazil’s largest city, Sao Paulo, and has announced its intent to enter the Brazilian market, according to an interview with Coindesk.
Employees from Huobi were seen distributing their cards and talking to well-known industry leaders at a local cryptocurrency event in Sao Paulo. On LinkedIn, Huobi is seeking to hire staff for their Brazilian office including a chief compliance officer who is responsible for preventing money laundering and fraud, and a digital marketing manager who is supposed to develop Huobi’s brand in Brazil.
This expansion into the Brazilian market follows China’s cryptocurrency trading ban last year; Huobi was originally founded and headquartered in Beijing, China. Three of the largest cryptocurrency exchanges in China were forced to close after the ban, a major hit to the global cryptocurrency market.
Huobi has not only opened an office in Brazil, it has opened offices in the United States and Canada and moved its headquarters to Singapore. Clearly, Huobi has used the Chinese cryptocurrency trading ban as an impetus to spread across the world.
Huobi is one of the biggest cryptocurrency exchanges in the world, with USD 1.2 billion of trading volume in the past day comprising 10% of Bitcoin’s total volume. Only Binance and OKEx had more trading volume than Huobi in the same period but were within a few hundred thousand dollars of Huobi’s volume.
The volume of the main exchanges in Brazil is equivalent to only 0.265% of Huobi’s volume. Huobi will provide a massive amount of liquidity to the Brazilian cryptocurrency market, leading to lower cryptocurrency prices and increased trading. Also, fees on Huobi are 0.2%, half that of Brazilian cryptocurrency exchanges.
Bitcoin, Ethereum, EOS, and Huobi Token are the main cryptocurrencies traded on Huobi, but in total there are 224 cryptocurrencies listed on the exchange providing a multitude of trading opportunities.
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