Huobi’s mining division – Huobi Pool – has announced plans to build the first crypto exchange devoted to EOS, currently the fifth-largest cryptocurrency by market cap after entities like bitcoin, Ripple’s XRP and Ethereum.
The exchange is scheduled to launch during the first quarter of 2019. EOS allows users to share in all its decision-making processes through its distributed proof-of-stake (DPos) consensus method, and customers will be able to trade and sell EOS for several other types of cryptocurrency.
A Crypto Exchange Centered on One Coin
Cao Fei – chief executive officer of Huobi Pool – explains:
“As an EOS super node, Huobi Pool has placed its ecological development high on its list of priorities. Launching this EOS exchange is simply the next logical step in our support.”
Huobi Pool has been working with EOS since it launched early in the year. The organization has also paired up with other block producers to build an EOS test chain known as the Crypto Kylin Testnet – a platform where up and coming EOS projects can be tested prior to launching. In addition, Huobi Pool also created a voting platform for EOS holders and built an EOS community from the ground up to ensure holders always remain aware of node elections.
Lastly, Huobi Pool has developed a series of animated videos – entitled “EOS 20 Questions” – they believe will assist EOS holders in better understanding the currency’s benefits.
Huobi opened for business in 2013. Consisting of approximately ten downstream and upstream enterprises, Huobi has established itself as a leading blockchain company and cryptocurrency exchange over the last five years. The company’s present accumulative turnover exceeds $1 trillion in USD annually, and the exchange serves over 130 different countries.
So far, the winter is proving to be a serious and busy time for Huobi. The company recently announced it would be supporting TRON through its exchange services, and the company also launched the Huobi Derivative Market (DM) exchange at the Cryptofrontiers conference in New York.
The platform allows customers to purchase or sell bitcoin at pre-determined prices. Cryptocurrencies are often very vulnerable to volatility and wild price swings, and this new strategy is alleged to offer higher protection to customers.
Getting More People in the Game
Joshua Goodbody, general counsel of Huobi’s global institutional team, explained in an interview:
“Cryptocurrency is a rapidly expanding and maturing market. As part of that maturation, we see more and more sophisticated investors and traders from more established financial markets looking to gain exposure, including institutional players.”
Are we likely to see more exchanges in the future centered around a single coin? Post your comments below.
Image courtesy of Shuttershock
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Will Bitcoin Price Follow It’s Beaten Path to $20,000?
Monday May 20, 2019
Coinspeaker Will Bitcoin Price Follow It’s Beaten Path to $20,000?Around every four years, the Bitcoin blockchain network encounters a block reward halving, a mechanism that reduces the rate in which new bitcoin is generated or mined by miners. The block reward halving was used as an explanation factor behind the dominant cryptocurrency’s major rallies.Price one […]
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