OKEx CEO defects to Huobi : Huobi claims Supremacy in cryptomarket Over OKEx in China
Still in the eve of the 7th anniversary, Huobi exchange recounts achievements and future outlooks for the company. Huobi has made some remarkable achievements this past seven years. It is accepted in over 130 countries worldwide, with over 140 trading pairs. It has proven to be a safe and efficient exchange to trade and very interesting products.
Alot has being said about Huobi but there are still information untold. Huobi is a global exchange and seeks to attain the highest in the cryptocurrency market.
OKEx CEO defects to Huobi
OKEx CEO, and Chris Lee, saw the potentials in Huobi and decided to defect to Huobi to become vice president of global business development, in the battle of Supremacy in the China cryptocurrency market.
China has been pushing to become a global leader in blockchain, in what some observers say could become a hotspot in an emerging cold war between the country and the U.S. for technological supremacy.
Chinese banks are already testing a digital version of its national currency, the yuan, while American officials have said they’re merely studying a digital dollar.
OKEx is led by China executives and is the world largest crypto derivative exchange and based in Malta closely competing with Huobi which is also led by Chinese executives but situated in Seychelles.
The rivalry between two world cryptocurrency exchanges would arise from the battle for customers, network acceptance and usage.
According to Matthew Graham, chief executive officer of Beijing-based crypto consultancy Sino Global Capital:
“There’s a natural friction between OKEx and Huobi, even though they have both pushed to enlarge their international footprints, they still prioritize their Chinese user base.”
He further said:
the friction between the two exchanges has only intensified as they fight to obtain a more favored position with the Chinese government.
Huobi claims Supremacy Over OKEx
Cryptocurrency cannot be sold for yuan in China due to the crackdown from authorities, though some household buy bitcoin for trading.
According to a report:
In a report this month, Huobi said it has “managed to push new boundaries against other well-established exchanges when it comes to futures trading volume.”
Huobi is already beating OKEx in a few market segments, according to the report, including “coin-margined futures” – where traders can post their initial down payment, known as margin, using cryptocurrencies. Huobi claims to also regularly beat OKEx in weekly and quarterly bitcoin futures contracts.
Ciara Sun, vice president of Huobi Global Markets further metioned:
“Before Huobi launched its futures contract in December 2018, OKEx had the largest market share of the world,” Ciara Sun, vice president of Huobi Global Markets.
Tom Wang, chief operating officer of Huobi Futures, reported:
The newly launched perpetual-swap product, which functions similar to futures but without expiry dates, also contributed to the second-quarter growth.
“Huobi’s perpetual swap’s 24-hour trading volume was at $5.37 billion, surpassing BitMEX’s $5.22 billion on May 12, 2020,” he said. “On this particular product, OKEx remains less competitive to us.”
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