As per a press release dated December 29, Huobi Group’s mining division, Huobi Pool is planning to come up with and introduce the company’s first cryptocurrency exchange which will be based exclusively on EOS. This is reported to be launched in the first quarter of 2019.
Huobi is currently the third-ranked crypto exchange based on the volume on CoinMarketCap, with around $774 million for a 24-hour volume at the time of writing this article and Huobi Pool is currently the top-ranked EOS block producer and is Huobi Group’s cryptocurrency mining arm.
This newly launched exchange will be the first exchange platform project by the Huobi Pool, and this will allow the users of such exchange to trade EOS as a base currency. The release does not disclose the range of cryptocurrency against which it can be traded and for the time being, only mentions that the exchange will allow users to trade in the altcoin EOS against several other cryptocurrencies
The Huobi Pool, which is the subsidiary of Huobi Group already obliges as an EOS supernode, and with this exchange it will be eyeing on moving ahead in its position in the EOS ecosystem even further.
The CEO of Huobi Pool, Cao Fei, explained the launch of the EOS exchange as “the next logical step in our support” as an EOS Block Producer (BP).
The exchange had recently also announced support for EOS on its derivative market. The company’s derivative market came into existence only recently; it was launched at the end of November 2018. While presenting itself at the Cryptofrontiers conference, the company stated that the major advantage which the company brings along with this product is that it would require users to enter into both short and long positions in the market.
Recently, On December 28, the Huobi’s derivatives arm, Huobi DM has announced including EOS contracts along with the already existing bitcoin and ether contracts and also revealed that support for more digital assets was in its pipeline.
Huobi Global CEO CEO Livio Weng said that “[We’ve] seen strong demand to expand Huobi DM to other coin types as well. Adding EOS contract service is part of our ongoing efforts to address customer demand.”