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What is Huobi?

What is Huobi?

Huobi, a Chinese cryptocurrency exchange, offers its clients more than 400 cryptocurrencies for transactions, a large selection of fiat currencies, and access to the derivatives market. The company is among the leaders in terms of trading turnover, featuring its own token, cryptocurrency wallet, and extra tech solutions.

Full name of the company: Huobi Global

Foundation date: 2013

Founder: Leon Li (PRC)

Capitalization: more than 2.5 billion dollars

Legal status: registration in the Seychelles

Market geography: more than 170 countries in all regions of the world


Company products

Huobi cryptocurrency exchange was originally created as a platform for trading simulations, but due to the active financing, it started developing rapidly. Today it is a large-scale trading platform that provides services to more than 3 million users. The platform's interface supports 19 languages and 19 currency accounts. 

The trading platform is available from any device, such as PCs running on macOS, Windows, Linux, or mobile gadgets based on Android and iOS.

Huobi crypto exchange offers several trading sectors:

  • Spot market - the terminal provides the whole range of trading assets, order book (market depth), history of performed transactions;
  • Margin trading - clients can use a leverage level of up to 1:5;
  • Futures - contracts on BTC, ETH, DOGE, LTC, XRP, SHIB, TRX, DOT, and other coins are offered;
  • Options - access to trades for BTC/USDT and ETH/USDT pairs;
  • Trading bot - Huobi copyrighted application for automated trading;
  • Buying and selling fiat currencies using a bank card.

New users are offered a $10 bonus for registration. Withdrawal is available both in cryptocurrency and fiat to any electronic or cryptocurrency wallet.

All exchange clients can participate in the affiliate and referral program.

Huobi Wallet is a mobile cryptocurrency wallet that supports over 1000 virtual coins (the main ones are BTC, XRP, ETH, BCH, EOS, LTC, USDT, and TRX). Users can freely add the desired assets to the wallet.

The owner of the wallet controls private keys. Moreover, the application features security certificates and multi-signature support.

Wallet works on all Android and iOS mobile devices.

Huobi Token (HT) is Huobi Global's own cryptocurrency, created to reduce transaction fees on the exchange. It is also involved in the point system when new coins arrive on the trading platform.

HT owners get the opportunity to pay fewer fees, as well as buy privileged status on the exchange (subscription format), get early access to token-sale and sales, participate in liquidity buy-backs (the exchange buys back tokens from their owners).

At the cryptocurrency exchange, Huobi Token is traded in pairs with BTC, ETH, and USDT.

Huobi Earn is an investment product that entitles everyone to manage their assets. It's a platform where you can store your tokens and get rewarded with interest. There are two modes to choose from, namely, flexible income and fixed income.

Huobi Primepool is a mining pool designed to support large communities of miners. Pool members can use the services for mining and exchanging cryptocurrencies. Primepool supports the mining of such coins as BTC, ETH, BCH, BSV, ETC, and DCR. Since the pool and the exchange are interlinked, miners can use their earnings to fund their accounts and conduct trading activities.

Huobi Eco Chain (Heco) is a public, decentralized network compatible with Ethereum smart contracts and featuring a higher level of efficiency. It is focused on supporting projects from the DeFi segment and the profit farming industry. Heco's ecosystem includes a wide list of assets, cryptocurrencies, and app rankings.

Each crypto project created in this network undergoes three stages, and the average fee for processing a transaction is $0.001.


History

2013 – Leon Li, a graduate of Tsinghua University and Oracle computer engineer, created his own cryptocurrency trading platform, Huobi. First, he bought the huobi.com domain, and on August 1, he officially launched the simulation trading platform. In a month, it turned into a full-fledged bitcoin trading platform.

In late fall, the company received an investment package from Dai Zhikang and Zhen Fund. As of December, trading volume reached 30 billion yuan, making Huobi the top digital asset trading platform in China.

2014 – crypto exchange succeeded in attracting venture capital investment from Sequoia Capital worth $10 million. By the end of the summer, it signed a deal to buy Quick Wallet, a bitcoin wallet provider.

Notably, the company announced on its official Weibo account in the fall that 920 BTC and 8100 LTC had been accidentally transferred to 27 different accounts. However, all of the lost funds were successfully recovered.

2015 – Huobi partnered with Tsinghua University as part of the "Digital Asset Research Initiative" and became the main sponsor of the "Digital Asset Research Project" at the Internet Finance Laboratory of Tsinghua School of Finance.

2016 – by the summer, total trading volumes reached ¥1 trillion, and in the fall, ¥1.7 trillion, amounting to 60 percent of the global Bitcoin market. By the end of the year, 200 billion yuan had already been traded daily on the exchange.

2017 – in August, Huobi cryptocurrency exchange jointly with OKCoin invested 1 billion yuan in asset management products. However, that money represented free funds of the platform's customers, and the deal itself was associated with controversial issues.

The Chinese government imposed a ban on ICOs and trading on cryptocurrency exchanges, so Huobi adjusted its business strategy and launched a new course of global expansion of the company. Already in October, it opened an office in Seoul and began providing trading services in the Korean market.

The company became popular in Singapore and in the first month of operation, the trading volume reached the amount of 30 billion yuan.

In December, an office was opened in Tokyo and there were plans to create two cryptocurrency platforms in Japan due to a partnership with SBI Group.

Huobi no longer withdrew Bitcoins in China, and the Huobi China unit of the exchange remained in operation as a blockchain research platform.

2018 – crypto exchange entered the U.S. market and already in March, transactions of about 1 billion dollars were processed daily.

In the summer, Huobi bought 74% of the shares of Patronics Holdings (electronics manufacturer in Hong Kong), which allowed to get listed on the Hong Kong Stock Exchange and become a public company.

Jointly with Tianya Community Network Technology, a $1 billion Chinese fund was created aimed at investing in blockchain startups. Next, Huobi initiates a $93 million Korean-Chinese fund also aimed at blockchain investments.

2020 – launch of Huobi Labuan division to provide cryptocurrency trading services in Malaysia.

2021 – Huobi crypto exchange completely ceased to serve customers in mainland China, continuing to provide services in Hong Kong.

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