Finance Magnates reported on June 8th that Huobi, the third-largest crypto exchange going by trade volume, has created a brand new digital currency trading marketplace in the US.
The trading platform is to be run by a new San Francisco-based company named HBUS. In a post in Medium earlier this week, HBUS said that:
“…is not an “arm,” “subsidiary,” “division,” or any type of “affiliate” of Huobi. Nor is HBUS to be referenced as “Huobi US” or any variant thereof. HBUS is the “exclusive US strategic partner of Huobi.”
The post from HBUS, dated June 5th, indicated that the company would have a soft launch date of June 10th, offering all users who sign up from that day until June 14th a month of trading with no fees.
Official trading starts on June 15th, although HBUS’ official website stated that demand may cause a postponement of the launch. The company asked the public to signup for its company newsletter and join its Telegram channel to receive updates when registration starts.
Originally founded in China, Huobi first unveiled plans to open an office in San Francisco in January of this year. Currently operating out of Singapore, the firm has been going after overseas markets, launching their South Korean Subsidiary, as well as revealing plans to start an office in London.
HBUS has stressed that all employees have been versed in Anti-Money-Laundering (AML) and Know Your Customer (KYC) processes and have all been required to pass examinations on these subjects.
Huobi has actively sought to diversify its investment products and services, has announced the launch of its public blockchain last June 6th.
Earlier this June, Huobi also launched a cryptocurrency-based exchange-traded fund or ETF, a kind of mutual fund that divides ownership of underlying digital assets into shares. Their ETF is based on its market index, which will track the exchange’s to 10 digital assets against Tether (USDT).
Last June 2nd, Huobi also joined a partnership to help launch a $93 million China-South Korea investment fund. The aim of the fund is to help foster collaboration between countries.