Huobi Group Vows to ‘Save the Ocean’ Ahead of Blockchain Summit

Huobi Group, a leading blockchain company, recently sponsored crypto experts to attend the Oceans 4.4 retreat held in the British Virgin Islands.

The 5-day retreat took place from October 9-14th. It was hosted by renowned entrepreneur Sir Richard Branson at his home on Necker Island. The event aimed to raise awareness of the water crisis affecting millions of people across the world.

During the retreat, founders, innovators and influential minds presented various solutions that can help conserve the ocean and combat climate change.

The Huobi representatives contributed to the discussion on how to tackle various issues contributing to environmental degradation. They also promised that Huobi would make climate commitments aimed at saving the ocean.

Commenting about the event, Jeff Mei, the Director of Global Strategy at Huobi Group, reiterated his company’s commitment towards improving society:

“As we continue to grow our business presence around the world, we are taking an increasing interest in the communities we operate in. Furthering social impact initiatives will be one of Huobi’s key goals going forward, and we will look to work with like-minded stakeholders that share our values.”

Huobi Group’s Blockchain Summit 2021

The Oceans retreat was a precursor to the upcoming Huobi Summit 2021, which will commemorate the blockchain company’s 8th founding anniversary.

The summit, set to take place on November 8, will host an online industry forum to discuss cutting-edge crypto and blockchain projects. Huobi Group has invited government leaders such as former Federal Reserve head Alan Greenspan and numerous business founders to participate in the event.

Huobi has been at the forefront of creating a more sustainable world. The Seychelles-based blockchain startup is involved in various initiatives geared toward fostering global blockchain development for the benefit of the society and global economy.

Contributing to a Brighter Future

Huobi Group leverages its resources and influence to create a fair and equitable future for all. Through its philanthropic arm, Huobi Charity Limited, the company taps the blockchain and cryptocurrency to tackle societal issues like poverty, healthcare, education, and more.

Huobi is committed to applying blockchain tech towards environmental development and bringing positive change to the world through innovation and social initiatives. Such efforts could help foster blockchain and crypto adoption by proving that the technologies can be a force of good for the environment.

More crypto industry participants need to join efforts to integrate environmental protection measures to silence critics who oppose the emerging sector.

Top 5 Crypto Exchanges By 24H Volume: Statista’s Research

High trading volumes are driven by more on-chain activity; they are a great predictor of the general interest in the crypto market and the growing interest in a particular exchange. The 24-hour volume highlights the total value of crypto traded in the past 24 hours and represents a perfect metric to show the liquidity of that specific exchange. The higher the volume, the more secure that environment is for investors.

As per September, 2021, Statista’s biggest crypto exchanges in the world by 24H volume were: Binance, OKEx, LocalTrade, Upbit, and Huobi Global, in that order.

Binance, the Chinese crypto giant, is leading the list, even despite its regulatory issues in the UK and the US. In the UK, the Financial Conduct Authority recently announced that the firm cannot conduct any “regulated activity”.

OKEx, Malta-based OKEx is in second place. With more than $8.54 billion being traded everyday, OKEx is an asset exchange focusing on derivatives trading. According to the company, “it provides a safe, reliable and stable environment for digital assets trading via web interface and mobile app by adopting GSLB, and distributed server clusters”. They strive to achieve something unique and vow to never stop innovating and improving on their customer experience.

Local Trade, Right after with $8.32 billion 24h volume, LocalTrade, a full-fledged CEX trading exchange and DeFi investment platform, closes to the top 3. LocalTrade has experienced an impressive growth in the last months -fostered by the new executive team-, that has seen the platform expand their offerings into the DeFi space and with the sale of their new token: the LTT. Their goal is to: “become the first platform that allows anybody, even with a fiat bank card and a small $10 check, to have seamless access to the most profitable DeFi & CeFi products.”

LocalTrade is interesting because of its DeFi expansion. This area of finance has been a hot topic in the recent months to become the latest trend in the crypto market. In fact, DeFi’s market capitalization has reached $74 billion as of this year, an increase of more than 400% since the beginning of the year. Likewise, investors are increasing their exposure into the market, which now accounts for $88 billion of cryptocurrency held in DeFi.

UPbit, in fourth place, is an exchange from South Korea, supporting +150 digital assets, with 24/7 real-time security monitoring for enhanced security. It was the first to register with South Korea’s Financial Intelligence Unit (FIU) before a September  2021 deadline.

Huobi Global, a world-leading virtual asset financial services group. According to their team: “The Huobi team is dedicated to providing safe, professional, trustworthy, and world class services to its global clients in an effort to create a client first culture”. They have offices in Singapore, the United States, Japan, Korea, Hong Kong.

All of these exchanges offer innovative solutions; each of them, however, has different functionalities. Your choice will depend on what you are looking for, primarily. Which exchange to choose is up to you, based on your goals and objectives. Decentralized exchanges have recently become an interesting trend. The most important advantage of DEX is that it is possible to trade DeFi assets here while there`s no secret that today DeFi is the most promising and rapidly developing section of the blockchain industry.

DEX is completely transparent, its work is regulated by smart contracts, and the technology on which DEX is based eliminates the risk of hacking and loss of participants’ funds, since all funds are stored exclusively in their wallets, while the platform only provides the infrastructure for exchange. However, one of the biggest problems of DEX exchanges is the lack of liquidity, because funds are provided exclusively by platform participants, and not by professional market makers.

Based on this, the best solution today seems to be the merger of the reliability and wide trading capabilities of the DEX platform with the infrastructure and wide trading volumes of a centralized trading platform. In any case, whatever platform you choose, please remember that only you are responsible for your trades, so always act carefully based on the market situation and only after fundamental analysis and careful study of the news background. Good luck with your trades!

For a look at all of today’s economic events, check out our economic calendar.

Cryptocurrency Exchanges Rush to Cut Ties with Chinese Users After Fresh Crackdown

In a culmination of years of efforts to rein in the sector, 10 powerful Chinese government bodies including the central bank, said overseas exchanges were barred from providing services to mainland investors via the internet – a previously grey area – and vowed to jointly root out “illegal” cryptocurrency activities.

Huobi Global and Binance, two of the world’s largest exchanges and popular with Chinese users, have stopped new registrations of accounts by mainland customers. Huobi also said it would clean up existing ones by the end of the year.

“On the very day we saw the notice, we started to take corrective measures,” Du Jun, Huobi Group co-founder said in a statement to Reuters.

Du did not give an estimate how many of its users would be affected, saying only that Huobi, once the world’s biggest crypto exchange, had embarked on a global expansion strategy many years ago and seen steady growth in Southeast Asia and Europe.

Shares in crypto-related firms tumbled on Monday with crypto asset manager and trading firm Huobi Tech plunging 23% and OKG Technology Holdings Ltd, a fintech company majority owned by Xu Mingxing, the founder of cryptoexchange OKcoin, losing 12%.

TokenPocket, a popular service provider of crypto wallets, also said in a notice to clients that it would terminate services to mainland Chinese clients that risk violating Chinese policies and would “actively embrace” regulation. It added it welcomes cooperation from China in blockchain technologies.

Many Chinese crypto exchanges shut down or moved offshore in 2017, after China, once the world’s biggest bitcoin trading and mining centre, banned such platforms from converting legal tender into cryptocurrencies and vice versa. Then in May this year, China’s State Council vowed to ban bitcoin trading and mining.

Amid the crackdown, other types of Chinese crypto companies have been moving out of China over the past few months, said Flex Yang, founder and CEO of Babel Finance, adding that the impact from the latest policy would be “limited”.

The Chinese crypto financial services provider this month opened new business headquarters in Singapore.

Cobo, a crypto asset management and custodian platform, also recently moved its headquarters from Beijing to Singapore.

For a look at all of today’s economic events, check out our economic calendar.

(Reporting by Samuel Shen and Andrew Galbraith; Editing by Edwina Gibbs)