Huobi China’s Leading Exchange Sets up Shop in Brazil
The third largest crypto exchange platforms is reported to have set shop in brazil
The third largest crypto exchange platform by trading volume Huobi has entered the Brazilian market.
According to local news outlet Portal da bitcoin, Huobi executives were seen distributing cards at a local industry event. The same executives were also spotted taking with well-known figures in the Brazilian market. The exchange’s move to enter the Brazilian market isn’t a surprise given the challenges it faced with regulators in China. The ban on cryptocurrency exchanges in their home country necessitated it to move its headquarters to its current location in Singapore.
Additionally, reports on ground confirm that it has already acquired a working space in Brazil’s capital São Paulo. The office space is located in the co-working We Work. Coming right after acquiring the working space, the exchange advertised vacancies to fill staff positions in their São Paulo office. Through the exchange’s LinkedIn page, Huobi has open positions for a Chief Compliance Officer and Digital Marketing Manager. Although there is no official confirmation of the move to Brazil byitsmanagement, all actions taken by the exchange suggest a move in motion.
Other Huobi moves
The recent move by Huobi to Brazil falls in line with the exchange’s plan to expand across the world. Other than the recent suspected move and previous relocation to Singapore, Huobi has set base in the US market through its San Francisco office. It registered its exchange to offer money service business, and the US Fincen has already registered it. Besides the US, it has also set plans in motion to enter the Canadian market.
The entry of Huobi into the Brazilian market will increase market competition. The exchange comes in with a lower brokerage fee of 0.2% as native Brazilian brokerage firms charge twice the amount. The lower fee charges will change market dynamics as firms strive to stay afloat while attracting more investors. But it is not all rosy for Huobi as Brazil’s biggest investment firm XP Investimentos has plans on the table to enter the cryptocurrency industry. The firm is looking to launch a cryptocurrency exchange platform soon.