Huobi On An Expansion Spree
HuobiDM will face terse competition from exchanges like Bithumb, KuCoin, and FTX in offering the new perpetual contract feature. Furthermore, Huobi is also working earnestly towards international expansion. The exchange recently launched its cloud-based services in the Middle East and North Africa (MENA) region and is offering white-label services to the exchanges operating in the region. Huobi’s biggest market competitor Binance also jumped into offering perpetual contracts with the acquisition of digital asset derivatives platform JEX earlier this year.
From the Vice President’s Desk
According to Jason Lan, Vice President of Huobi Group,
“The wealth of products added to Huobi DM reflects the overall strength of the platform”.
For Huobi DM’s future development, Lan stated that
“Our platform will expand to more diverse markets and add more product types, with perpetual contracts are just a start. With more languages and markets, we can have more localized offices and events.”
He further highlighted DM’s Sentiment Index function in October as a particularly exciting development.
What is the Sentiment Index Function?
The Sentiment Index function releases open interest, liquidation, long and short data to users, which enables better market analyses and decisions. As a matter of fact, Huobi DM is also updating its API to support more order types such as advanced limit orders.
A Look At Huobi’s Daily Transaction Volume
Huobi DM has a daily transaction volume of $2.1 Billion. For BTC contracts, Huobi DM’s average daily volume was over $1.5 billion. Also, October 26 saw the peak of total 24-hour volume for both DM and BTC contracts, with $9.9 billion and $6.7 billion respectively.
Presently, Huobi DM is available in 6 languages namely Chinese, English, Russian, Vietnamese, Turkish, and Korean.
Will Huobi’s upcoming perpetual contracts become as popular as the existing ones. Let us know, what you think in the comments below!
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