HBUS, the United States-based strategic companion of China-born crypto trade Huobi, has introduced the rebranding of its retail buying and selling service from HBUS.com to Huobi.com. THe rebranding was shared in a press launch with Cointelegraph on Jan. 11.
As reported, HBUS launched as a strategic companion of Huobi Group — the operator of the flagship Huobi International crypto trade — by way of a newly created San Francisco-based firm “HBUS Holdco, Inc.” final June.
The latter will reportedly proceed to function the platform after its rebranding. Underneath the brand new licensing settlement, HBUS.com will migrate to the area identify of huobi.com, whereas Huobi International will proceed to function by way of its current website, hbg.com.
In addition to formally adopting the Huobi model identify, HBUS is now reportedly set to learn from an elevated degree of technological help from Huobi International, particularly in regard to stability and safety features, in addition to securing entry to new market makers.
Based in China in 2013, Huobi Group has been headquartered in Singapore since Beijing’s crackdown on home crypto-fiat exchanges in September 2017. The group first revealed plans to open an workplace in San Francisco in January 2018; following the announcement of HBUS in June, the U.S.-based companion buying and selling service went live in July.
In a bid to compete with main U.S. crypto buying and selling providers reminiscent of Coinbase and Robinhood, HBUS quickly launched an API geared in the direction of skilled merchants, in addition to onboarded new expertise for its company growth and compliance work.
Over the course of the previous yr, Huobi Group — whose subsidiaries’ amassed turnover reportedly exceeds $1 trillion — has continued to vigorously pursue abroad enlargement, launching a South Korean subsidiary in April to enrich current operations in Hong Kong and Japan. In 2018, Huobi additionally launched an Australian crypto trading platform, opened an workplace in London, and acquired controlling inventory curiosity in a Hong Kong Inventory Trade-listed agency, in addition to Japanese FSA-licensed crypto exchange BitTrade.
Nonetheless, in December of final yr, media studies surfaced that Huobi, together with cryptocurrency mining big Bitmain, have been set to put off employees. On the time, Huobi International commented that they did have plans to reportedly “optimize” its staffing by firing underachieving staff.
An Trade Volumes Report from information researchers on the Blockchain Transparency Institute (BTI) final December implicated Huobi and fellow trade HitBTC in alleged wash trading practices to artificially inflate volumes— though the proof for each exchanges was discovered to be much less vital than for rival trade OKEx.
Huobi is at the moment ranked fourth largest crypto trade on CoinMarketCap by adjusted traded quantity, seeing round $519 million in trades over the 24 hours earlier than press time. HBUS is ranked 170th, with about $65,100 in trades over the identical interval.