Huobi

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Huobi
Native name
火币
Public
Industry Bitcoin exchange
Founded 2013
Founder Leon Li
Headquarters Singapore
Key people

Leon Li (Chairman, Founder) Jiawei Zhu (COO) Xianfeng Cheng (CTO) Charlie Tsai (CSO) Xiaofeng Chen (Vice President)

Peng Hu (Vice President)
Website www.huobi.com

Huobi (Chinese: 火币网; pinyin: Huǒbìwǎng) is a Singapore-based cryptocurrency exchange. Founded in China, the company now has offices in Hong Kong, Korea, Japan and the United States. In August 2018 it became a publically listed Hong Kong company.[1]

After its founding in 2013, Huobi become one of the largest cryptocurrency exchanges in China.[2] Following a 2017 ban on Bitcoin exchanges by the Chinese government, Huobi stopped Bitcoin withdrawals[3] and shut down its Chinese website, but continued operating overseas as "Huobi Pro", a Seychelles-registered company.[4] Huobi China continues to operate as a blockchain consulting and research platform.[5]

As of March 2018, Huobi processed around US $1 billion in trades daily.[6]

History[edit]

Huobi was founded in 2013 by Leon Li (Chinese: 李林; pinyin: Lǐ Lín).[7][8] On May 15, 2013, the Huobi Group (火币集团) acquired the huobi.com domain.[9] On August 1, Huobi launched a simulation trading platform, and on September 1 the Bitcoin trading platform launched.[citation needed] In March 2014, Litecoin transactions were introduced to the platform.[citation needed] In June 2014, Huobi began margin trading and interest accounts for bitcoin.[2] In September 2014, Huobi launched their USD exchange with 24/7 customer service support.[10]

In November 2013, Huobi received angel investments from Dai Zhikang and Zhen Fund.[2][11][12] In 2014, Huobi raised a $10 million venture capital investment from Sequoia Capital.[13][14] In August 2014, Huobi acquired Bitcoin wallet provider Quick Wallet.[15]

In December 2013, trading volume exceeded 30 billion yuan, making Huobi China's largest digital asset trading platform at the time.[16] In June 2016, its total transaction volume reached 1 trillion RMB,[17] and in November 2016 1.7 trillion yuan,accounting for more than 60% of the global bitcoin exchange market.[citation needed] On December 22, 2016, its daily transaction volume surpassed 200 billion yuan.[18]

In September 2017, China banned bitcoin exchanges and ICOs.[1][19][20][21] In response, Huobi adjusted its business and organizational structure to promote global expansion.[22][23][24][25][25] In October 2017, Huobi officially expanded into Korea with a new headquarters in Seoul, South Korea,[22] and opened trading in March 2018.[26][27] In November 2017, it launched operations in Singapore with total volume in the first month exceeding 30 billion RMB.[28] In December 2017, it launched an office in Tokyo, Japan[29] and announced that it would set up two crypto exchanges in Japan in early 2018, through a partnership with Japanese financial group SBI Group.[30][31][32][23] In March 2018, Huobi announced that it will be launching in the United States[33][34] and received FinCEN registration.[35]

In August 2018, in a reverse takeover, Huobi acquired a 74% stake in Hong Kong electronics manufacturer Pantronics Holdings, becoming listed on the Hong Kong Stock Exchange.[1]

Products[edit]

Huobi Pro[edit]

Huobi.Pro is a digital asset trading platform headquartered in Singapore.[36][37]

HADAX[edit]

The Huobi Autonomous Digital Asset Exchange (HADAX) is a decentralized exchange with autonomous token listing.[38]

Huobi OTC[edit]

Huobi.Pro launched its OTC (Over the Counter) trading platform in November 2017.[39][40]

Huobi China[edit]

Huobi's research and development department is located in China and focuses on industry consulting, education, and training services for Chinese blockchain ventures.[41][42]

Huobi Mining Pool[edit]

Huobi operates a mining pool. The Huobi Pool did not support a switch to Bitcoin XT.[43]

Huobi Capital[edit]

Huobi Capital is an investment fund focused on the blockchain industry,headquartered in Hong Kong, which has raised $10 million.[44]

Huobi Labs[edit]

Huobi Labs is a blockchain incubator, dedicated to serving early-stage start-ups of blockchain industry, headquartered in San Francisco.[45] In May 2018, Huobi Labs launched a US$1 billion blockchain fund to bolster domestic business.[46][47]

Huobi Academy[edit]

The Huobi Academy of Blockchain Applications is a research institution focusing on technological research, industry analyses, application innovations, trend analyses and business consulting in the field of Blockchain.[48][49]

Huobi Token[edit]

Huobi Token (HT) is a cryptocurrency launched by Huobi, running natively on the Ethereum blockchain with ERC-20, and used for Huobi trading.[50]

Research and partnerships[edit]

In April 2015, Huobi partnered with Tsinghua University in a "Digital Asset Research Initiative",[51] and sponsored a "Digital Asset Research Project" at the Internet Finance Laboratory of Wudaokou Tsinghua School of Finance.[52][53]

On July 1, 2016, the Huobi Network Blockchain Research Center published a report, "Blockchain: Defining a New Financial and Economic Future".[54] On December 20, 2016, Huobi joined the Fintech Digital Asset Alliance (Shenzhen) along with the Fintech Research Institute of China under the guidance of the Shenzhen Municipal Government.[55]

Controversy[edit]

In September 2014, Huobi announced through its official Weibo account that 920 bitcoin and 8,100 litecoin had been wrongly deposited into 27 different accounts. The firm, returned the lost cryptocurrency.[56][57]

In November 2014, alongside its plan to pool 20% of all trading fees into a 'system reserve fund', Huobi informed CoinDesk it has now reimbursed all users who suffered from its "system loss allocation policy" in the form of credit for future trading fees.[58]

In August 2017 Huobi and OKCoin controversially invested 1 billion yuan ($150 million) of idle client funds into "wealth-management products".[59][60]

In September 2017, the Chinese government banned initial coin offerings (ICOs) and trading on domestic cryptocurrency exchanges, rendering many people’s holdings effectively worthless, including those of users on Huobi's exchange.[61]

References[edit]

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  2. ^ a b c "Huobi Brings Margin Trading, Interest Accounts to Bitcoin and Litecoin". CoinDesk. 30 June 2014. Retrieved 12 March 2018. 
  3. ^ "China's OkCoin, Huobi exchanges to stop bitcoin withdrawals". reuters.com. 2017. Retrieved 12 March 2018. 
  4. ^ "Bitcoin Regulation In China Still Unclear, But Chinese Exchanges Thrive Overseas". forbes.com. 2017. Retrieved 12 March 2018. 
  5. ^ "China's Bitcoin Curtain Call a 'Watershed Moment', Says Huobi Founder". CryptoCoinsNews. 31 October 2017. 
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  8. ^ "火币与日本SBI集团将合作成立两家数字货币交易所 寻找中国创客". bjnews.com.cn. 2017. Retrieved 12 March 2018. 
  9. ^ "火币网:3年升值万倍的比特币 未来价值几何". tech.hexun.com. 2013. Retrieved 12 March 2018. 
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  11. ^ "区块链鼓吹手徐小平". news.pedaily.cn. 2018. Retrieved 12 March 2018. 
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