- Huobi Korea exchange officially commences operations in South Korea with 100 Cryptocurrencies.
- The exchange also promises to repay investors for any loss due to the exchange’s error.
South Korea: Huobi Korea cryptocurrency exchange made an announcement yesterday 30th March that it has officially commenced operations in South Korea. Huobi Korea will allow the trading of 100 digital currencies and 208 markets (77 ETH markets, 98 BTC markets, 33 USDT markets) and stated that it “will try to support more and more coins trading.” The platform, which a subsidiary of Huobi – the Beijing-based cryptocurrency trading service provider, is also launching an investor protection program and fund; with which it will immediately repay investors for any loss caused by the exchange.
Huobi Korea said that it keeps 98 percent of customers’ funds in cold wallets. More so, the exchange claims in a publication that its internal access procedure has been fortified. The publication reads:
“In order to open the repository, we have added security to complex procedures that require multiple people to authenticate together.”
One of the officials of the platform said:
“We are also creating an investor protection fund and run an investor protection program to immediately compensate for losses that are not investor error.”
As stated by Huobi, the supported digital currencies are ACT, ADX, DAT, DBC, DGD, DTA, EDU, ABT, AIDOC, APPC, AST, BAT, BCD, BCH, BCX, BIFI, BLZ, BTC, BTG, BTM, CHAT, IOST, ITC, ICC, IOST, ITO, EKO, CMT, CTXC, CVC, LINK, LSK, LTC, LUN, MANA, MCO, MDS, ICC, ELA, ELF, ENG, EOS, ETC, ETH, EVX, GAS, GNT, PROPY, QASH, QSP, QTUM, GNX, MTP, MTL, MTN, MTX, NAS, NEO, OCN, OMG, WICC, WPR, XEM, XRP, YEE, ZEC, ONT, OST, PAY, POWR, QUN, RCN, RDN, USDT, UTK, VEN, WAX, ZIL, ZLA, REQ, RPX, RUFF, SALT, SBTC, SMT, SNC, SNT, SOC, SRN, STK, STORJ, SWFTC, THETA, TNB, TNT, TOPC, TRX, and ZRX.
Presently, Huobi is the third leading cryptocurrency exchange in the world and has its presence in 6 nations namely – USA, Japan, Korea, Singapore, Hong Kong and China (before China shut up all crypto exchanges. As at press time, the exchange has a 24-hour trading volume of $1.32 Bln, while the Kakao-backed Upbit is the largest exchange in South Korea having a trading volume of $745 mln.
Before China closed down cryptocurrency exchanges, Huobi was among the largest in the country. Today, the company has a presence in six countries – Korea, Singapore, USA, Japan, Hong Kong and China.
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