The China-based cryptocurrency exchange Huobi has decided that its official US partner, HBUS cryptocurrency exchange re-branded to Huobi. Hence, Huobi in the US will be known as HBUS.
The company officially announced this change in a press release, where the CEO of HBUS, Frank Fu, said:
“Huobi Global is a world leading digital asset exchange, especially in Asia. The name ‘Huobi’ is a powerful brand in the digital asset world. It represents dependability, flexibility, and security for more than half a decade. Leveraging our enhanced partnership with Huobi Group, we’ll continue to operate the trading platform in a compliance-committed manner, offering wide token variety.”
The company has allotted new domain names to the former-HBUS exchange, as well as the original China-based Huobi. While HBUS now moves over to Huobi.com, the original Huobi cryptocurrency exchange can now be accessed at HGB.com.
The companies will be managed in the same way. It is possible that the changes in the domain may confuse some users for a period of time. However, this major change in the branding is likely to leverage a positive brand image that comes with the Huobi name in the market.
In the US markets, the exchange competes with several names. This includes Coinbase which presently occupies the top spot, and offers users 13 cryptocurrency trading pairs.
Earlier in 2018, HBUS became one of the rare few cryptocurrency exchanges that started off with a billboard advertising campaign in the US. This campaign saw HBUS taking shots at Coinbase as well as certain Wall Street firms. The company has been around in the US markets for a short while but has already made a name for itself. While Huobi is the fourth largest cryptocurrency exchange in the world, standing in at a daily trade volume of $330 Million – HBUS doesn’t feature in the list of CoinMarketCap’s top 10 crypto exchanges by volume – hinting that its daily trade volume might be less than 1.5 Million USD.
To promote the platform, HBUS has launched a promotional scheme. This scheme offers rebates on trades. In addition, new users get discounts. In a press release issued by the firm, HBG CEO Leon Li commented, saying:
“We feel very confident that the HBUS team will be excellent stewards of the ‘Huobi’ name. They will become the top digital asset exchange in the U.S.”
While 2018 wasn’t really a great year for cryptocurrency markets, it has been a good time for Huobi. The company has been strategizing various expansion plans. Huobi started off in the US and Australian markets, while it aimed to also establish itself in Japanese markets. Moreover, the company enlisted Randi Zuckerberg, sister of Facebook founder Mark Zuckerberg, as a member of the advisory committee. Another major name to become a part of Huobi was the former OKEx CEO, Li Shufei, also known as Chris Lee, who joined the company as the VP of business development. The company even started their P2P service in India, known as Huobi OTC. Huobi has had a good year in 2018, and the company is likely to expand even further in 2019.