The Caribbean / June 6, 2023 / Huobi held its mid-year conference to review the overall progress from the first half of 2023 including a development plan for the second half of the year. H.E. Justin Sun, a member of the Huobi Advisory Board, shared his unique insights into the development of the blockchain industry.

Becoming a Household Name

Huobi and Poloniex witnessed a significant improvement in operational performance during Q2 compared to Q1 2023. This can be attributed to various factors, including the meme coin frenzy and the regulatory crackdown on other exchanges.

However, in terms of total on-chain assets, Huobi and Poloniex equated to $4 billion which falls behind Binance's $60 billion and OKX's $10 billion. 

Huobi stated that in the next six months, it will continue to restore its brand confidence, increase platform assets and trading volume, and achieve profitability targets. It aims to become a stronger player and a household name within the cryptocurrency exchange industry.

With months of cost reduction and efficiency improvement efforts, Huobi has overcome survival challenges and will make future decisions based on long-term perspectives. Huobi is committed to actively embracing the ever-changing crypto industry and prioritizing user needs. The company firmly doesn’t believe in sacrificing user interests for short-term gains. The focus will be on constantly creating value for users while achieving greater business wins.

Crypto Market's Three Pillars: Exchange, Public Chain, and Stablecoin

Sun expressed that Huobi has always been following their global compliance strategy by actively embracing regulation and exploring diverse compliance operations. Numerous crypto companies are entering the Hong Kong market because of its new regulatory rules. Huobi is gaining exposure in the Hong Kong crypto market by launching Huobi Hong Kong, which allowed registration for Hong Kong residents on June 1 2023. Huobi is also the first exchange to become a member of the Hong Kong Virtual Asset Consortium (HKVAC). Additionally, Huobi is in continuous communication with the Hong Kong government to apply for a cryptocurrency exchange license.

Sun analyzed that exchanges, public chains, and stablecoins will become the main core of the entire blockchain industry. These three pillars for the decentralized financial landscape will influence long-time development in the industry. Sun stated that their mission is to build a Web3 finance hub in the metaverse and give an option to people worldwide to pursue financial freedom in the metaverse. Public chains serve as the foundation for creating a financial world in the metaverse, while exchanges play a crucial role as the gatekeepers.

Sun believes that Huobi holds a leading position within the industry. However, in terms of integration capabilities, Huobi stands out as the sole decentralized financial ecosystem platform with a structure encompassing all three pillars mentioned earlier. The three core businesses consisting of exchanges, public chains, and stablecoins will strive to enhance the user experience from multiple angles. It focuses on long-term industry development, covering the majority of industry traffic, and building a globally influential Web3 financial hub.

About Huobi

Founded in 2013, Huobi has evolved from a crypto exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, wallets, research, investment, incubation and other areas. Huobi serves millions of users worldwide, with a business presence covering over 160 countries and regions across five continents. Its three development strategies - "global development, technology drives development, and technology for good" - underpin its commitment to providing comprehensive services and values to global cryptocurrency enthusiasts.

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Michael Wang