March 4, 2021 | AtoZ Markets – Huobi, one of the largest cryptocurrency exchange platforms in China, plans to launch three cryptocurrency funds through its Hong Kong-based subsidiary Huobi Technology Holdings. This was announced by journalist Colin Wu.
Breaking: China's largest exchange Huobi has obtained a Hong Kong cryptocurrency fund license, and it will launch Bitcoin, Ethereum and multi-strategy funds on March 3. Similar to the Grayscale, this move by Huobi may promote traditional Asian investors to cryptocurrency field. pic.twitter.com/IIrhZVKiGQ
— Wu Blockchain (@WuBlockchain) March 4, 2021
Huobi Obtains SFC Cryptocurrency Fund License
Huobi Technology Holdings has received the relevant approval from the Hong Kong Securities and Futures Commission (SFC). It is assumed that the first two funds will be based on Bitcoin and Ethereum, and the third will be based on several digital assets.
The company's clients will be able to invest in new instruments using fiat currencies and crypto assets.
Similar to DCG, Huobi has a large ecosystem to help Asian investors, which will boost the prices of Bitcoin and Ethereum. The trouble with Huobi may be that its founder cannot leave China and is under investigation.
— Wu Blockchain (@WuBlockchain) March 4, 2021
“Huobi has a powerful ecosystem dedicated to helping Asian investors. It will drive up the prices of Bitcoin and Ethereum. The problem with Huobi may be that its founder cannot leave China because he is under investigation,” added Wu.
According to data from crypto research firm Messari, Huobi is second only to Binance in terms of real spot trading volume.
Huobi securing cryptocurrency management license from the SFC comes amid reports that regulators in Hong Kong are close to banning retail crypto trading. Indeed, Huobi is among a group of global cryptocurrency exchanges challenging the legitimacy of the move.
Think we missed something? Let us know in the comment section below.