EOS Exchange Coming Via Huobi Pool in Early 2019 - Bitsonline

EOS Exchange Coming Via Huobi Pool in Early 2019

Huobi Pool, the mining wing of the Huobi Group business group, is reportedly launching an EOS exchange in a few weeks’ time. The subsidiary, which already serves as an EOS super node, is now betting on advancing its position in the EOS ecosystem even further. 

Also see: Crypto Mining Theft Snafu: Georgia Politico Jailed on Insurance Fraud

Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts

EOS Exchange Expected Early 2019 After Huobi’s Busy 2018

On December 29th, Huobi Pool, Huobi Group’s mining subsidiary and the current top-ranked EOS block producer, announced plans to open up an EOS exchange by the end of 2019’s first quarter.

The exchange, which will be the inaugural exchange platform venture for Huobi Pool, will let users trade EOS as a base currency against a currently unspecified range of cryptocurrencies.

Currently, Huobi Pool has major backing in its block producer role. At press time, the group was the top-ranked BP. Image via EOS Authority

“Launching this EOS exchange is simply the next logical step in our support,” said Huobi Pool CEO Cao Fei, who noted the cultivation of the company’s super node status was “high on its list of priorities.”

The move caps off what has been an expansionary year for the pool’s parent business group, even amid the crypteconomy’s 2018 correction.

This past spring, Huobi announced it was eyeing offices in London after starting its pivot beyond from China late last year. Days after that declaration, the cryptocurrency group poached former OKEx CEO Chris Lee with a mind toward international growth.

Over the summer, the business group declared its work on Huobi Chain and Huobi Cloud, both aimed at providing platforms for the creation of tokens and exchanges respectively.

Then, in the fall, Huobi expanded toward Russian language support and created a Chinese Communist Party liason committee — two unambiguous signs the group had further entrenchment in Russia and China in their sights.

However, the business group also quietly weathered scandal this year, as a document allegedly leaked internally from Huobi in September 2018 seemed to detail voter collusion among Chinese EOS block producers.

Into the Deep End With EOS

On Dec. 28th, Huobi DM, Huobi’s derivatives arm, added EOS contracts alongside the bitcoin and ether contracts it already offered and said support for more digital assets was nigh.

“[We’ve] seen strong demand to expand Huobi DM to other coin types as well,” Huobi Global CEO CEO Livio Weng said. 

“Adding EOS contract service is part of our ongoing efforts to address customer demand.”

EOS exchange
Huobi is looking to dive into the deep end with EOS via derivatives contracts.

Accordingly, users of the platform are now able to take out shorts or longs on EOS, with the options going as high as 20-times leverage positions.

Whether other crypto derivatives plays follow suit into the EOS breach is an open question for now, but with growth being paramount in business, it seems likely for now.

What’s your take? Is it rather unsurprising that Huobi Pool is pursuing an EOS exchange? Let us know in the comments section below. 

Images via EOS Authority, Pixabay

Related News