Cryptocurrency exchange Huobi brings in partners to launch new digital trading platforms amid market slump

Huobi Group, operator of the world’s third largest cryptocurrency exchange by daily trading volume, has chosen five partners to open their own platforms through its Huobi Cloud in new markets even as the world’s major digital currencies are caught in a slump.

“Together with Huobi Cloud’s corporate partners, we can offer a lower barrier for emerging economies to enter and participate in the burgeoning blockchain ecosystem,” David Chen, a senior business director at Huobi, said in a statement on Thursday.

The company said it selected Yatai International Holding Group, Vnesheconombank, Chi Fu Group, Asia International Finance Holdings and Dbank Group to each set up a new cryptocurrency exchange in the Philippines, Russia, Taiwan, Indonesia and Canada, respectively.

Huobi Cloud, which was introduced last month, enables users to build their own Huobi-like digital currency trading platforms, which include wallet and asset-management clearing functions, according to the company.

Teaming up with new partners to establish new exchanges through Huobi Cloud would enable the company to accumulate more user data for its operations, according to analysts.

Founded in 2013, Huobi currently processes the trading of more than 190 cryptocurrency pairs. A trading pair represents a trade between one type of cryptocurrency and another.