Huobi surpasses Binance & OKEx after recording $483M trading commission in 2018
Huobi reportedly earned $483 million from trading commission in 2018. The Singapore-based cryptocurrency exchange surpasses Binance ($463.9 million) and OKEx ($293.4 million). Despite the lay-off that took place before the year ended, Huobi gained $483 million from trading commission during 2018.
The report came from Hwaseong Jae Kyung, a commodity specialist in the Chinese virtual market. He claimed that Huobi earned KRW 545.2 billion ($483.9 million) in commission, as quoted by Sludge Feed.
However, the exchange did not confirm it yet. But, the number do make sense considering the recent official announcement about the trading volume on their new derivatives market platform made by the CEO, Livio Weng. Last week, Weng confirmed that the exchange in less than 2 months of launching has recorded a trading volume of $20 billion.
Huobi has plans in place to launch its own stablecoin this year, according to a report by Cointelegraph. Speaking during a presentation in Singapore, CFO of Huobi, Chris Lee said that the exchange will continue on its expansion plans and will keep updating its trading platform.
Chris Lee said, “2018 brought us huge challenges but I’m personally optimistic about the crypto market. I do think we’ll see things get better this year. This year will be huge for stablecoins and we will be a part of that. Likely Huobi Group will launch its own stablecoin in 2019 in the first half of the year.”
In the list of exchanges on CoinMarketCap, Huobi is ranked at the 5th position, based on trading volume, recording $288,517,214 of daily trading volume. On the other hand, the Huobi Token (HT) is on the 70th position on the CoinMarket Cap list, with $52,521,634 market capitalization and price hovering at $1.05.