The Caribbean, June 12th, 2023, Chainwire
Recently, Huobi held its mid-year conference to review the overall progress from the first half of 2023, including a development plan for the year's second half. H.E. Justin Sun, a member of the Huobi Advisory Board, shared his unique insights into the development of the blockchain industry.
Becoming a Household Name
Huobi and Poloniex witnessed a significant improvement in operational performance during Q2 compared to Q1 2023. This can be attributed to various factors, including the meme coin frenzy and the regulatory crackdown on other exchanges.
However, Huobi and Poloniex equated to $4 billion in total on-chain assets, which falls behind Binance's $60 billion and OKX's $10 billion.
Huobi stated that in the next six months, it would continue to restore its brand confidence, increase platform assets and trading volume, and achieve profitability targets. It aims to become a stronger player and a household name within the cryptocurrency exchange industry.
With months of cost reduction and efficiency improvement efforts, Huobi has overcome survival challenges and will make future decisions based on long-term perspectives. Huobi is committed to embracing the ever-changing crypto industry and prioritizing user needs. The company firmly doesn't believe in sacrificing user interests for short-term gains. The focus will be on constantly creating user value while achieving more excellent business wins.
Crypto Market's Three Pillars: Exchange, Public Chain, and Stablecoin
Sun expressed that Huobi has always followed its global compliance strategy by actively embracing regulation and exploring diverse compliance operations. Due to its new regulatory rules, numerous crypto companies are entering the Hong Kong market. Huobi is gaining exposure in the Hong Kong crypto market by launching Huobi Hong Kong, which allowed registration for Hong Kong residents on June 1, 2023. Huobi is the first exchange to join the Hong Kong Virtual Asset Consortium (HKVAC). Additionally, Huobi is in continuous communication with the Hong Kong government to apply for a cryptocurrency exchange license.
Sun analyzed that exchanges, public chains, and stablecoins will become the central core of the entire blockchain industry. These three pillars of the decentralized financial landscape will influence long-time development in the industry. Sun stated that their mission is to build a Web3 finance hub in the Metaverse and give an option to people worldwide to pursue financial freedom in the Metaverse. Public chains serve as the foundation for creating a financial world in the Metaverse, while exchanges play a crucial role as the gatekeepers.
Sun believes that Huobi holds a leading position within the industry. However, regarding integration capabilities, Huobi is the only decentralized financial ecosystem platform with a structure encompassing all three pillars mentioned earlier. The three core businesses of exchanges, public chains, and stablecoins will strive to enhance the user experience from multiple angles. It focuses on long-term industry development, covering the majority of industry traffic and building a globally influential Web3 financial hub.
Founded in 2013, Huobi has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investment, incubation, and other areas. Huobi serves millions of users worldwide, with a business presence covering over 160 countries and regions across five continents. Its three development strategies - "global development, technology drives development, and technology for good" - underpin its commitment to providing comprehensive services and values to global cryptocurrency enthusiasts.