Palmare Strengthens Relationship With Huobi
Palmare strengthens relationship with Huobi Global. In Palmare’s business development plan, Huobi is a reputable choice for listing in the Q4 plans.
Huobi will also cooperate with the IEO plan. Surely, many interesting things will come from this cooperation.
Company Overview
Huobi Global was founded in 2013 in Beijing to provide a cryptocurrency trading platform for individuals in mainland China and beyond. The platform quickly rose to become one of the three big crypto exchanges in China, providing ample liquidity to Bitcoin traders.
The changing regulatory landscape in China, however, forced Huobi to move its crypto trading services abroad in 2017. The company subsequently incorporated in Seychelles and set up a new headquarters in Singapore, with a focus on expanding to other Asian markets and the rest of the world.
Huobi Global managed to successfully grow its userbase outside of China to become one of the most liquid crypto exchanges in the world.
In 2019, however, a report by Bitwise Asset Management accused Huobi Global of wash trading to inflate its reported trading volume figures. While Huobi denied the accusations, it announced that it put measures in place to discourage wash trading on its platform. A few weeks after the Bitwise report, Huobi’s reported trading volumes dropped.
Regulatory challenges led to the closure of Huobi Global’s U.S. arm, HBUS, in late 2019 and forced the exchange to also add Singapore to its restricted jurisdictions list in 2021. Huobi also recently announced the closure of its Beijing-based entity and informed all remaining users in mainland China that accounts would be closed by the 2021 year-end.
Despite setbacks in its company history, Huobi has managed to build a thriving crypto-asset ecosystem, composed of its own blockchain, Huobi Eco Chain; the Huobi Token (HT); a dollar-backed stablecoin called HUSD; and more. Today, Huobi Global claims to serve tens of millions of users in 100+ countries.
ABOUT Palmare
Palmare is a Community-driven Web3 Sports App with an inbuilt SocialFi and SportFi element. In Palmare, each user profile is a token itself. Users create a profile on the app, for which they will mint an ID’d profile NFT. This NFT controls the profile, and thus, its owner becomes the controller of the given profile.
ABOUT Houbi Global
Huobi Global is a leading cryptocurrency exchange with a strong presence in the Asian markets. Founded in 2013, Huobi provides a digital asset ecosystem. Encompasses spot trading, derivatives trading, staking, crypto loans, crypto yield products, and more.
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