Bitcoin Exchange Huobi to Open US Office

September 8, 2019

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China-based Huobi, previously one of the country’s largest cryptocurrency exchanges, plans to launch an office in San Francisco.

Chief strategy officer Cai Kailong revealed the move at Blockchain Connect, the U.S.-China blockchain conference, on Jan. 26, saying he came to the U.S. the week prior to help set it up.

Huobi is looking to grow internationally, Cai said, going on to state that “the U.S. will be our focus right now.”

A spokesperson for Huobi confirmed that the company is building a new headquarters in the Silicon Valley area, characterizing the push as a fast-paced one. The rep did not offer any further details on the office’s purpose.

Huobi stopped offering yuan-based cryptocurrency trading pairs last year after Chinese regulators clamped down on exchanges in the nation and shifted its business to overseas, providing crypto-to-crypto trading pairs.

The U.S. office would mark another leg in Huobi’s bid to expand internationally. Last month, Huobi announced it was partnering with the investment company SBI Group to launch a pair of cryptocurrency exchanges in Japan in order to offer yen-based services.

SBI Virtual Currencies and Huobi Japan have not announced any firm timelines for their respective launches but were confirmed in a cooperation agreement signed by Huobi chairman Li Lin and SBI Group chairman Beiwei Kitao.

The development also follows news that Huobi is launching its own token, though the company has said that it isn’t planning to organize an initial coin offering.

San Francisco image via Shutterstock