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Crypto exchange Huobi returns to profitability in Q1 after restructuring

1. Restructuring leads to profitability for Huobi Huobi,a cryptocurrency exchange,reported a return to profit during the first quarter of 2020 after restructuring the services they offer. By reducing operational costs and focusing on the growing derivatives market,the company recorded a positive cash flow for the quarter. Huobi also announced that their trading volumes are increasing rapidly,with a 130% growth in spot trading volume and a 550% growth in contract trading volume compared to last year. This demonstrates that focusing on a specific market segment can lead to a significant improvement in profitability. 2. Expansion plans for Huobi in Thailand Huobi also revealed plans to expand its operations in Thailand,choosing the country as a strategic location to target the Southeast Asian cryptocurrency market. To achieve this,the exchange is partnering with VGI Global Media Plc,which has access to over 10,000 touchpoints throughout Thailand,including BTS Skytrains and bus stations. With this partnership,Huobi expects to reach up to 50 million potential customers each month. The company aims to make it easier for users in Thailand to purchase cryptocurrencies through their platform and get involved in the digital asset market. 3. Staking service for Huobi Pool Token Huobi also launched a staking service for the Huobi Pool Token (HPT),which is used to pay for mining power within the Huobi mining pool. Users can now earn rewards in HPT for holding their tokens on the exchange instead of transferring them to the mining pool. Staking is a common way for cryptocurrency users to earn rewards by holding onto their tokens or locking them up for a period of time. The introduction of this service shows that Huobi is committed to expanding its ecosystem and creating new opportunities for its users to participate in the cryptocurrency market.

Reference: Crypto exchange Huobi returns to profitability in Q1 after restructuring by https://titdoi.com/news/Crypto-exchange-Huobi-returns-to-profitability-in-Q1-after-restructuring
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