Cryptocurrency Monero Added To Huobi Pro Exchange

Announcements, News | June 8, 2018 By:

Cryptocurrency exchange Huobi Pro has added support for Monero (XMR) on its platform.

Huobi is the world’s third largest cryptocurrency exchange by daily trading volume. In Octber 2017, Huobi moved its headquarters from Beijing to Singapore due to a months-long crackdown by Chinese authorities. In addition to mainstream cryptocurrencies like bitcoin, etherum and EOS, Huobi has also listed a number of new cryptocurrencies on its trading platform including Tether, Ripio, Kyber, Airswap, its own Huobi token, and now Monero.

“Monero (XMR) will be launched on Huobi Pro on June 7 2018 (GMT+8),” the company said in its announcement. “Deposits will be available from 16:30, June 7 (GMT+8). XMR/BTC and XMR/ETH trading will be available at Main Zone from 16:00, June 8, 2018 (GMT+8). Withdrawals will be available from 16:00, June 10, 2018 (GMT+8).”

Created in April 2014, Monero is an open-source cryptocurrency that focuses on privacy and decentralization. It aims to improve on existing cryptocurrency design by obscuring sender, recipient and amount of every transaction made as well as making the mining process more egalitarian. It is currently the twelfth most valuable cryptocurrency by market cap.

Huobi also announced that it is planning to build its first public and decentralized blockchain, dubbed Huobi Chain, that will be funded with 30 million Huobi tokens ($174M USD). Huobi said that after its public blockchain project is complete it will move its cryptocurrency operations to the platform.

“We firmly believe in a decentralized future and the main goal of the Huobi Chain project is to transform a centralized corporation to a decentralized one that’s run by the community,” said Leon Li Lin, founder and CEO of Huobi. “Our dream is for Huobi to run on the public blockchain and become a truly decentralized autonomous organization.”

Last week, Huobi launched a cryptocurrency exchange traded fund (ETF) that replicates its Huobi 10 index. The ETF allows retail investors to attain exposure to the digital assets market with a relatively small capital outlay while diversifying risks.