Exchanges Market

Huobi eyes expansion into MENA region

October 26, 2018

Huobi eyes expansion into MENA region

Singapore-based Huobi Group, which manages one of the largest crypto exchanges in the world by the same name, is in the process of expanding its activities in Africa, South Asia and the Middle East.

The announcement was shared by Huobi MENA (which stands for “Middle East North Africa) co-founder Mohit Davar at the World Blockchain Summit in Dubai.

Davar pointed that the new regional office, which will be covering the three aforementioned regions, will operate out of Dubai. The location was chosen based on the fact that Dubai is region’s blockchain leader.

Along with other activities, Huobi will be implementing OTC trading, token-to-token trading, blockchain projects incubation, and community development. Mohit Davar added that token-to-token and OTC trading is already live on a beta version.

“The end goal will be to provide safe and reliable digital asset trading services for millions of regional users in Middle East, Africa and South Asia”, the announcement said.

Newly established HUOBI MENA will soon be looking for partners inside regional market players, including AI Trader, which uses AI solutions to create instruments for trading.  

Founded in 2013, the Huobi Group offers crypto trading and asset management services to users from 130+ countries.

Recently, Huobi, the fourth largest crypto exchange by monthly volume, has actively been expanded in different regions of the world. Countries with existing teams include Singapore, Korea, Hong Kong, and Australia. The company has already announced the launch of crypto exchanges in Taiwan, Indonesia, the Philippines, and Canada.

Russia is another target for Huobi, which is why Huobi founder Leon Li met with advisor of Russia’s president Sergey Glazyev in September.

The MENA region attracts other crypto exchange giants as well. According to the latest news, Binance officially launched its fiat-to-crypto exchange in Uganda a week ago.