Is Huobi Taking Big Stock Exchanges?

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It has been suggested that Huobi exchange, one of the leading cryptocurrency platforms, is planning to buy Bithumb and bitFlyer located on the borders of Japan and South Korea. However, allegedly, with the intervention of the Chinese government, the deals may have been broken.

Chinese cryptocurrency reporter Colin Wu claimed that China-based crypto giant Huobi is trying to buy other major platforms in Asia. According to Wu, Huobi attempted to incorporate Bithumb from South Korea and bitFlyer from Japan. However, according to the data announced by Wu, the Chinese government has suspended both agreements for now.

Huobi’s daily trade volume could be $ 2.5 billion

According to the spot data provided by CoinGecko; The 24-hour trade volume for Bithumb, South Korea’s largest stock exchange, which ranks 17th, indicates $ 338.5 million. BitFlyer, the largest stock exchange in Japan with 2.5 million users, ranks 18th according to the same data. The daily trade volume for the Japan-based stock market is reported as $ 162.3 million.

Huobi ranks 7th in the same list. Daily trade volume for Huobi Global is observed to be almost 2 billion dollars. The 24-hour total volume of the duo, which is claimed to be bought by Huobi, is just over half a million dollars. If the purchase took place; The daily trade volume to be dominated by Huobi would rise to over $ 2.5 billion.

Huobi is slowly moving towards globalization

Cryptocurrency reporter Wu also examined Huobi’s globalization goal with the tweets he published. Saying that Huobi’s globalization strategies are very slow, Wu stated that most of the stock market employees are Chinese and both users and income come mainly from the Chinese market.

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Wu also emphasized that South Korea and Japan are the only international markets left by Huobi, which announced that it withdrew from the US market in 2019. Wu predicted that a possible Japanese and South Korean investment would not be wise for Huobi, adding that the exchange should reach overseas markets.


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