Cryptocurrency exchange Huobi plans to release its own stablecoin this year as part of its roadmap, Cointelegraph writes. During a presentation in Singapore this Tuesday, the company’s Chief Commercial Officer Chris Lee also announced plans to update the trading platform and continue its global expansion..
Huobi Expects To Launch Its Own Stablecoin In The First Half Of The Year
“2018 year threw us serious challenges, but personally, I am optimistic about the prospects for the cryptocurrency market. I really believe the situation will improve this year, ”he said. – This year will be very important for stablecoins, and we are not going to lag behind the trend. Huobi Group is likely to launch its own stablecoin in the first half of the year“.
In October last year Huobi has significantly expanded the list of stablecoins supported by its platform and launched a solution called HUSD, which allows users to exchange between four of them..
In addition, the South China Morning Post reported today that Huobi CEO Livio Weng has confirmed the company’s downsizing..
“We do not know how long the bear market will last, so we assume that we will have to fight to survive. We plan ahead and spend money wisely, ”he said, adding that his company restricts funding of unprofitable units.
In recent weeks, in total, Huobi has cut about 100 positions and in present time employs about 1,300 employees worldwide.
At the same time, according to Weng, Huobi remains profitable every single month..
Recently, he announced his intention to integrate one of the existing stablecoins into its platform cryptocurrency wallet Blockchain.
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