Powerhouse cryptocurrency exchange Huobi will be opening new London-based offices by the end of 2018. It’s part of the exchange’s strategic pivot into Europe’s cryptoeconomy, with Huobi’s senior business development manager Chern Chung hailing it as a necessary step for the platform to “become the number one global cryptocurrency exchange.” The pivot also coincides with Huobi’s domestic shift toward China’s Hainan Province.
Projecting London as a Top Crypto Hub
Alongside business centers like Hong Kong and Frankfurt, London has long been entrenched as one of the world’s leading financial hubs. Now, the leadership behind the digital assets service provider Huobi is banking that London, too, will become one of the globe’s foremost cryptoeconomy hubs in short order.
In a desire to move to the eye of that trading storm, then, the exchange has announced plans to open up new offices in London at some point later in 2018.
“Our research shows that London will become the most active trading scene across all of Europe,” Huobi’s aforementioned Chung noted of the move. “Entering the UK market is an indispensable move for Huobi to become the number one global cryptocurrency exchange.”
Stressing the fruitful growth of the European cryptoeconomy, the exchange noted in their announcement release that the British pound and the euro have respectively become the fourth and third most popularly exchanged currencies for bitcoin over the last half year.
Coinciding with their effort to extend their global reach further, Huobi’s move was also conveyed mutualistically by the exchange as an opportunity to “add fuel to the U.K. economy post-Brexit.”
Another Move, $1 Billion Blockchain Fund Also Generating News
It’s busy times for the exchange, to say the least.
Beyond opening up Huobi Labs and the Huobi Ecosystem Fund in late April, Huobi Group has also announced a headquarters shift to Hainan from Beijing and the launch of a $1 billion USD Huobi Labs fund to help facilitate domestic Chinese blockchain plays.
The Hainan move comes as no surprise to those with an eye to China. Per The South China Morning Post:
“Last month [Chinese] President Xi Jinping announced a plan to turn Hainan into a pilot free-trade port, which could see it challenge competitors such as Hong Kong and Singapore.”
Naturally, then, whether it’s London or Hainan, the company is pivoting to where it thinks it’ll be best positioned to succeed in the years ahead. And, more surgically, the Hainan move highlights the exchange’s domestic desire to be at the vanguard of President Xi’s national-level strategy for economic experimentation.
As for the aforementioned fund, Huobi Labs is joining forces with Chinese forum service Tianya Community via a “strategic cooperation agreement.” The agreement will lead to the creation of the so-called Global Cultural and Creative Blockchain Lab in Hainan’s newfound economic sandbox.
What’s your take? Do you think other blockchain companies will migrate to London? Let us know what you think about crypto’s future in the U.K. and China in the comments below.
Images via Esquire, ForexBrokerz