Huobi’s Derivative Market Crosses A New Milestone

A new milestone has been achieved by Huobi’s derivative platform, Huobi DM. It has recently announced that the platform has surpassed $20 billion in cumulative trading volume.

For a company’s platform that just exited its beta version, a mere month back, this announcement comes as an exciting news for the giant.

What is interesting to note here, is that the cumulative trade on the platform doubled in just 15 days.

As of January 12, the platform has managed to surpass the mark of $20 billion, which is extremely impressive.

Back in November 21, 2018, the company launched its beta version, which only allowed BTC contract trading. The company then exited the beta version on Decemeber 10, 2018, and was integrated with Huobi Global. The business skyrocketed and the platform posted a 24-hour volume of $195 million.

Daily trade volume shot up gradually, and ultimately surpassed $1 billion on Christmas day. The next big announcement came on December 28, 2018, when Huobi DM announced that cumulative volume on the platform had exceeded $10 billion alongside the launch of EOS contract trading.

A couple of days back, Huobi announced that post a merger with Bittrade, the platform had relaunched a fully regulated exchange under Japan’s Financial Services Agency (FSA). The FSA has already issued 17 licenses to Huobi, in a first of its kind move.

Livio Weng, the chief executive officer of Huobi Global, had said that he was happy with the strong response, which led to the growth in trading volume. He described the platform’s growth as “explosive,” despite the cryptocurrency market experiencing “an ongoing bear market.”

Another comment came from Leon Life, the founder of Huobi Group, who said that this relaunch was an “important milestone”. He described working with regulators as “a longstanding priority for Huobi Group.” He further went on to emphasize on the significance of the Japanese market to the company.