The Chinese cryptocurrency exchange platform Huobi officially announced the beginning of work on the territory of South Korea. The company launched trading in 100 digital currencies in 208 markets, and created an investor protection fund to compensate for any losses that were not caused by users.
“Huobi Korea is 100 cryptocurrencies and 208 markets (33 markets of USDT, 98 markets of BTC and 77 markets of ETH). 98% of user assets are stored on cold wallets. In addition, internal security systems have been strengthened: to open the repository, now it is necessary to go through complex procedures that require the simultaneous authentication of several people. We also created a fund for the protection of investors and launched the corresponding program, ” Huobi said in a statement.
Representatives of the company also added that “in the future the platform hopes to constantly add support for new cryptocurrency” in addition to the already announced 100.
The number of supported assets already includes: DAT, DBC, DGD, DTA, EDU, ABT, ACT, ADX, AIDOC, APPC, AST, BAT, BCD, BCH, BCX, BIFI, BLZ, BTC, BTG, BTM, CHAT, CMT, CTXC, CVC, LINK, LSK, LTC, LUN, MANA, MCO, MDS, ICC, IOST, ITC, ICC, IOST, ITO, EKO, ELA, ELF, ENG, EOS, ETC, ETH, EVX, GAS, GNT, GNX, MTP, MTL, MTN, MTX, NAS, NEO, OCN, OMG, ONT, OST, PAY, POWR, PROPY, QASH, QSP, QTUM, QUN, RCN, RDN, REQ, RPX, RUFF, SALT, SBTC, SMT, SNC, SNT, SOC, SRN, STK, STORJ, SWFTC, THETA, TNB, TNT, TOPC, TRX, USDT, UTK, VEN, WAX, WICC, WPR, XEM, XRP, YEE, ZEC, ZIL, ZLA and ZRX.
It is also noted that the opportunity to trade with Korean won “is in the process of preparation and will soon be available.” According to experts, the delay is most likely connected with the South Korean legislation, which has banned anonymous cryptocurrency since January this year. Since the amendments came into force, local banks provided services for creating virtual accounts only to the four largest sites – Upbit, Bithumb, Coinone and Korbit.
Recall, on March 26, the US branch of the Huobi currency exchange was registered in the US Financial Crimes Network as a “financial services provider”. Earlier it also became known that SBI Holdings, the financial services unit of the Japanese SBI Group, refused to partner with Huobi, within the framework of which it was planned to open two new trading platforms in Japan – Huobi Japan and SBI Virtual Currency.