Huobi Pool is set to launch a dedicated EOS exchange in the first quarter of 2019, the mining firm’s parent company Huobi Group announced recently.
The company’s press release revealed that users of the new exchange would trade EOS against several other cryptocurrencies.
Huobi Pool is the mining arm of Huobi Group, a blockchain company that provides crypto-related trading and asset management services.
The cryptocurrency mining subsidiary is one of the EOS supernodes and has over the last several months developed a close working relationship with the EOS team.
Other than the upcoming exchange, Huobi Pool has collaborated with EOS on a number of other top projects, including in the development of the Crypto Kylin Testnet that allows testing of EOS-based projects.
The firm has also helped to develop an EOS voting platform targeted at EOS holders as well as managing an EOS community whose goal is to create awareness among users concerning node elections.
According to Huobi Pool’s CEO Cao Fei, developing the EOS exchange is simply part of its “next logical step” in offering support to the EOS blockchain and ecosystem.
Huobi Group’s press statement on the new exchange lauds EOS’ Distributed Proof of Stake (DPoS) consensus method of as one that espouses the blockchain’s ethos.
The firm noted that the DPoS consensus “enables individuals and groups around the world to collaborate and share in the decision-making process,” a crucial cog in the effort to achieve decentralization.
The news about the launch of the new exchange comes days after Huobi DM, the firm’s derivative trading platform, added EOS.
According to Livio Weng, Huobi Global’s CEO, adding EOS to the platform’s contract trading services was in response to increased demand from its customers.
He added that there had been “a great response” from a whole gamut of “sophisticated traders” to Huobi DM’s BTC and ETH contract services. Thus customers wanted to see more coins.
In a statement highlighting the need to add EOS and other cryptocurrencies, Weng noted that Huobi DM has the potential to be “a powerful tool in managing risk in EOS and other cryptocurrencies.”
The assertion perhaps relates to the fact that EOS, as is the case with all other cryptocurrencies, saw its price plummet from highs of $18 to lows of $0.80.
The EOS market has however continued to attract attention as its popularity grows steadily after a shaky start following a chaotic mainnet launch mid last year. The bearish market also crashed its price, but a surge of over 21 percent in mid-December 2018 helped push it to around $3.00.
At the moment, EOS is trading at $2.65 against the U.S. dollar, gaining by over 2.8 percent in the last 24 hours.
Launched in 2013, Huobi exchange currently ranks 3rd in the world as per adjusted trade volume data recorded at ranking site XBT.net.
With an accumulated turnover in excess of $1 trillion, Huobi Group has continued to grow at a relentless pace. The company now employs over 1,000 people, though many could lose their jobs when the firm implements its lay-off in the coming days.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.