Cryptocurrency exchange giant Huobi is planning to extent its services to Canada. Huobi will open a new office in Toronto which will create a new foothold in the North American market.
Based in Singapore, the firm announced that it will enter the country despite the hostile attitude of the domestic banks in Canada.
Ross Zhang, General Manager of Huobi Canada, stated that they are looking “forward to working with regulatory bodies to help the blockchain asset market become more credible so that mass adoption can come sooner…Establishing Huobi’s first Canadian office in Toronto is a continued effort to help the blockchain industry become more credible.”
According to the data gathered from CoinmarketCap site, Huobi is the world’s third largest cryptocurrency with a trading level of approximately $1.7 billion per day within 208 stock markets.
In January 2018, Huobi announced that it is going to open San Francisco branch, and two months later, the company registered as a money service business (MSB) under the Financial Crimes Enforcement Network (FinCEN). This new establishment helps the traders trade crypto-to-crypto in the US.
Earlier this week, the company’s blockchain center, Huobi Labs announced that the company signed a strategic alliance with Tianya Community to build a $1 billion blockchain fund in China ‘s Hainan region.
Huobi’s strategy of these growth plans represents the whole character of the cryptocurrency exchange industry, which is dangerous in terms of regulation and sanctions and yet has gained significant gains in the sector in the last years.
Two of the largest cryptocurrency exchanges, Binance and OKEx, opened branches in Malta which is viewed as being very blockchain-friendly, while Coinbase announced the opening of its Chicago branch to build its own corporate commercial products. As another important stock exchange, Bitfinex, said it intends to expand its operations towards the Swiss market.