Huobi says its digital exchange platform — Huobi.Pro — is the first international digital asset exchange to open in Australia, and will provide an initial Australian dollar to cryptocurrency offering and 24/7 customer service, “for an unrivalled user experience”.
According to Huobi, the initial expansion into the Australian market is expected to generate 30 new jobs in Melbourne, ranging across business functions, by the end of 2018.
Huobi says that in 2017, the estimated total value of digital currency trading in Australia was approximately $5.9 billion, spread across seven exchanges and 300,000 unique customers.
“Digital technology & the ICT industry employ 85,000 people in Victoria according to the latest numbers, and is expected to be worth $50.8 billion to the Victorian economy by 2020,” Huobi notes.
And the company says some 83% of traders are male and 71% are under 40 years of age, noting that in April 2018, AUSTRAC published a range of laws for digital currency exchange providers to comply with anti-money laundering and counter-terrorism financing regulations.
Huobi has also announced its Australian business will be headed by chief executive Adrian Harrison, a financial services professional with 17 years’ experience across hedge fund, asset and wealth management in Asia.
“Cryptocurrency traders in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market. For Huobi Group, the move to Australia is a natural fit for our technically robust platform,” Harrison said.
“We are keen to partner with the growing numbers of Australian blockchain projects looking to list in a maturing market.”
As part of its Australian expansion, Huobi has partnered with Blockchain Global, a local blockchain and crypto industry company, to offer what it says is “the best-in-class digital asset service” to Australian investors.
Huobi Global chief strategy officer Charlie Cai said, “Partnering with quality firms such as Blockchain Global a leader in the local market, is intrinsic to Huobi Global’s future globalisation and localisation plans. We look forward to the continuation of this strong partnership.”
Sam Lee, chief executive, Blockchain Global, said, “Our strategic alliance with Huobi Australia represents our journey towards fostering mainstream adoption of cryptocurrencies and blockchain technology, in Australia and around the world.
“With our technical expertise in running cryptocurrency exchanges and solid relationships with regulators, industry bodies and investors, we look forward to bringing Huobi Australia to the masses.”