Huobi Archives - 2100NEWS

UrbanNovember 29, 2018


It would seem that tech entrepreneurs like James Ju aren’t put off by the current state of the cryptocurrency market, so much so that he has rounded up a group of investors to fund his latest venture of opening a crypto exchange.

Ju, who worked as the Chief Technical Officer at Huobi, recently announced that he would be launching a cryptocurrency exchange by the end the year. The exchange, which will be called BHEX, raised $15 million in equity from a wide array of institutions (such as OKEx and Huobi, Ju’s former employers). The exchange also ran a token round, which attracted high profile funds including DHVC, Dfund, BlockVC and Genesis Capital.

According to its press release, the founding members of the crypto trading platform BHEX bring extensive experience from “first-tier technology and financial companies” including Google, Alibaba, and others.

Ju explained that the Blue Helix technology would be open-source, once development is completed. With this technology, BHEX will be able to create a community-managed custody and clearing managed system.

BHEX is touted as a next-generation digital asset trading platform, which would be powered by the decentralized asset custody and clearing technology developed by Blue Helix, a company Ju also controls. The exchange is establishing offices in Singapore, the United Kingdom and the United States.

The digital asset platform will provide crypto-to-crypto trading, as well as over-the-counter (OTC) options and pairs of fiat currencies. Fiat to crypto option in Yuan (CNY) will be available, and this is seen as a major advantage to Chinese crypto enthusiasts who are banned from trading within the borders of their country.

A former executive at Huobi, Ju was instrumental in the redesigning and upgrade of Huobi’s crypto trading system, streamlining the processes and making it easier for traders to use, propelling the exchange to the world’s largest exchange by trade volume. On leaving Huobi, Ju was hired as Vice President of Technology at X Financial, a financial service provider that is listed on the NYSE. Not satisfied with his achievement in the crypto sector, Ju left X Financial to start Blue Helix, a crypto-based firm which aimed to develop a new digital asset custody and trading system.

Ju’s team at Huobi also included Tyler Wu, the current Global Managing Director at BHEX. At Huobi, Wu served as the Managing Director of the company in Singapore.

UrbanNovember 28, 2018


For some, perhaps the only thing better than a stablecoin is a universal stablecoin – one that’s usable wherever stablecoins are accepted. That’s what Huobi has launched in its new HUSD token, which supports four major stablecoins: Gemini Dollar, Paxos Standard, USDCoin, and True USD. The function is simple enough – by holding HUSD, users are able to instantly have an equal value of any of the above.

small event was held in New York this week called the Stablecoin New York Conference, and Huobi General Counsel Joshua Goodbody spoke at moderate length about his firm’s efforts.

We believe the recent developments of stablecoins are positive for the industry and Huobi decided to support these developments proactively by launching HUSD. HUSD acts as a stablecoin aggregator. We provide the ability to deposit any of the four supported coins as HUSD and receive a 1:1 balance of HUSD which can be stored as well as traded against six pairs on Huobi Global. Users are also able to withdraw HUSD as any of the four applicable stablecoins

It seems Goodbody misspoke – according to the actual exchange at time of writing, the available pairs for HUSD were BTC, ETH, EOS, and USDT. It’s interesting that USDT is traded against HUSD, but not part of it. This is the second stablecoin effort that has decided to forego integration of USDT, which is the first pegged token.


Nevertheless, HUSD reduces trading fees for traders who are dealing with several types of markets. There is no exchange that lists every token and opportunity all of the time, so the movement between exchanges is necessary. Binance appears to be engaged in a similar effort to HUSD, but has yet to announce full details on it.

HUSD itself is not a token on any blockchain, but merely a product within the exchange, so it cannot be withdrawn or subsequently traded. When those products arise, it will begin to look like the derivatives market on the surface – although perhaps the contents will have greater constitution.

The addition of TrueUSD, which is the first token on the Trust Token platform that has yet to launch, is an interesting move. To date Huobi is one of the few to vocally support Trust Token in any way. The Trust Token platform aims for the tokenization of all real-world assets using “smart trust” contracts. It essentially enables anyone to offer stock in something they own. Its ICO has yet to launch, but True USD is very real in the interim, and runs on the same software.

UrbanNovember 20, 2018


Huobi Group has created a Communist Party committee, making it the first blockchain based company to do so in China, the South China Morning Post reports.

The committee was created through a Huobi subsidiary called Beijing Lianhuo Information Service, which was registered as a business earlier this year, owned by Li Lin, the founder of Huobi. Lin praised the launch of the committee, referring to it as a milestone for the company, hailing the Communists party for its friendly policies towards the blockchain industry, where Huobi has several businesses operating out of mainland China.

“Under the cordial care of the Party Working Committee of Haidian, the party branch of the Beijing Lianhuo Information Service Ltd. was gloriously established,” Lin added.

A party official from the same district where Huobi’s blockchain operation is based, Cao Zhou warned the new branch on the role it has to play, stating:

“We must enhance the party’s political leadership, and carry out the party’s principles and policies in private enterprises.”

The laws of the Communist Party makes it compulsory for enterprises, particularly the state-owned companies, with at least three Communist Party members as employees, to set up a branch of the Party. While this directive doesn’t extend to private firms, a couple of privately held companies have begun launching party committees in recent times as they seek new ways to form deeper ties with the government. Huobi follows in the footsteps of other private firms that have created a committee, including Tencent and Alibaba Group.

The Chinese government has been friendly to blockchain while holding an anti-crypto stance. The Communist party had put a blanket ban on crypto earlier last year, leading to an exodus of cryptocurrency exchanges to neighboring Asian countries.

Huobi Group’s digital asset platform, of the same name, was one of such firms that fled China before settling into Singapore, where it now operates. The Communist Party also issued warnings to private venues and other relaxation sports in China, advising them not to take on crypto-related events.

Earlier this year, WeChat and Alipay were forced to close the accounts of cryptocurrency based merchants, due to a state order.

UrbanNovember 16, 2018


Major cryptocurrency exchange Huobi has recently dismissed 60% of its workforce in Brazil, a country it entered a few months ago. While the motive behind the move is currently unclear, competition in the country could be the culprit.

According to local news outlet Portal do Bitcoin, Huobi Brazil’s CEO Frank Tao confirmed over the phone that 6 of the exchange’s 10 employees in the country have been dismissed. They were warned in late October and early November that their contracts wouldn’t be renewed.

Per the report, one ex-employee that asked not to be identified claimed most of those that abandoned the workforce were hired as freelancers, and that management and operations-related positions that were most affected. The source reportedly added:

“I was surprised at the dismissal. It was nothing about the market. Probably an external factor. In September the team was closed. By October, they decided not to continue with their local operations. It was an order that came from the head office.”

Tao reportedly didn’t offer the news outlet any additional comments regarding the move. According to Portal do Bitcoin, he argued he was in a meeting at the time, and never picked up the phone again. The motives behind Huobi’s decision are currently unclear.

As CCN covered, the popular cryptocurrency exchange entered the South American country back in May of this year. At the time, reports revealed it was marketing its platform in Brazil, and was attempting to recruit regional staff.

Some in the country believed the exchange was going to force local exchanges to step up their game thanks to the massive liquidity of its international platform. Per the local news outlet’s report, however, it never added fiat currency trading pairs and, presumably, ended up falling behind.

Notably, Brazil’s largest cryptocurrency exchange, Mercado Bitcoin, fired “at least” 20 of its employees last month, in a move the exchange claimed to be making as it was focusing on “professionalization, better governance, and more agility in customer service.” In both cases, the employees that were let go hadn’t been working at the exchanges for a long time.

Brazil’s biggest investment firm, XP Investimentos, also launched a cryptocurrency exchange in the country this year, called XDEX. While it does offer fiat trading pairs, it doesn’t let users deposit or withdraw bitcoin. So far it appears to be healthy, as it has even launched its own mobile app.

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