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Since the beginning of March, the volume of trading on the stock exchange Huobi Global shows stable growth, and the team is preparing to launch several new products at once. Events in Ukraine not only did not have a negative impact on the company’s work, but, on the contrary, accelerated the adoption of cryptocurrencies and contributed to the rapid development of the industry in the CIS. How does the exchange live today and what plans does it make for the future, edited by BeInCrypto discussed with Huobi Global CFO Lily Zhang.
About work in the CIS and the growth of trading volume
The situation in Ukraine had little effect on the work of the Huobi Global crypto exchange. According to Lily Zhang, the company did not impose any restrictions on its users, but, on the contrary, actively launched new features and products to meet the growing demand for cryptocurrency trading.
“We have not introduced and will not impose any restrictions on our users in Russia and the CIS, as we believe that the right of our users to withdraw their funds is unshakable. We guarantee the right to deposit and withdraw funds at any time,” she said.
After the regional conflict that began in late February, many exchanges, including Huobi Global, saw a sharp increase in trading volume. The company’s user base includes tens of millions of customers on five continents in 160 countries. Of these, more than half are from developing countries, including Russia.
“Despite the current downturn in the market, in the last quarter we saw a sharp increase in users in developing countries – up 50% compared to the first quarter. In terms of trading volumes and commissions, we saw an increase of approximately 30% in developing countries compared to the first quarter. In general, we believe that users from developing countries have a high demand for trading crypto assets. The more informed they are about crypto assets, the more the demand for trading grows,” Zhang said.
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About new services for users
Earlier this year, Huobi Global launched the Huobi Live streaming service. This platform allows bloggers to live stream on the trading app. The company regularly invites industry experts to share their experience and market knowledge with users, as well as educate users on cryptocurrency trading and investing.
“In terms of the overall course of the company, we are committed to expanding financial freedom and creating new global wealth. We have been leading the cryptocurrency industry in spot, derivatives and bitcoin transactions for many years. As NFT, GameFi, Defi and Web3 gain more and more attention, we are also developing in these areas,” explained Lily Zhang.
On the situation in the CIS crypto market
Speaking about the development of the crypto market in the CIS, the speaker emphasizes that the level of implementation of cryptocurrencies in Russia and the CIS countries is quite high. Users here are more advanced – they are better versed in cryptocurrency market trends and advanced products and services such as derivatives, grid trading, etc. Huobi Global has many institutional clients in this region. Due to these factors, Russia is a priority region for development.
About the company’s plans
As for other regions, Huobi Global is ready to focus on Asian markets, given the history in this region.
“We are working on programs for South Korea and Japan because there are high income levels. Malaysia and Vietnam are also very promising. Gamefi is especially popular in Vietnam, where there is a high population of young people,” commented Lily Zhang.
Recall that earlier Huobi banned the Chinese from trading cryptocurrency derivatives.
In Latin America, the company recently acquired Bitex, one of the oldest exchanges. Going forward, the company will work closely with Bitex to integrate its own services.
Previously, we said that Huobi intends to lay off more than 30% of the staff – media
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