Huobi plans to launch global exchange after gaining DLT licence in Gibraltar

on Dec 6, 2018
Updated: May 24, 2024

Major cryptocurrency exchange Huobi has obtained a distributed ledger technology (DLT) licence in Gibraltar, industry website Cointelegraph has reported, citing a company press release.

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According to the report, the Singapore-based company intends to use the licence to launch an international exchange targeting both retail and institutional investors.

“The new license gives Huobi the authority to store and transmit digital assets on behalf of clients worldwide,” Huobi said in the December 5 press release, as quoted by Cointelegraph.

This will help the company’s push to grow its business on a global scale.

“It’s no secret that we think that well-designed regulatory regimes are a key part of the future for the cryptocurrency industry,” the company’s head of global international business Lester Haoda Li commented in the press release.

Li added, as quoted by the online publication,

“Among other benefits, our [Distributed Ledger Technology] license will allow us to open doors to more institutional investors who were previously unable or unwilling to get involved in an unregulated sphere.”

Huobi reportedly wants to launch the service in the first half of 2019 and will start with building over the counter (OTC) services. Last month, US crypto exchange Coinbase confirmed that it had launched OTC desk for users of its Prime platform that is aimed at professional traders and institutional investors. Coinbase explained that the launch of the OTC desk was the result of client demand.

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