The Huobi Group is planning to establish a cryptocurrency exchange based on the EOS cryptocurrency within the first three months of the year 2019, according to a press release issued on the 29th of December.
Huobi pool, which is the company’s department in charge of mining activity, is expected to carry out the exchange’s official launch. The Huobi pool’s CEO, Cao Fei simply recognized the development as “the next logical step in our support”.
As the base cryptocurrency, EOS will be paired with a wide range of altcoins to form some combinations which are quite rare in the cryptocurrency exchange world. The ties between Huobi and EOS have been strengthening in recent weeks as shown by a number of decisive developments which should help to seal the relationship for years to come. One highlight of this was the announcement which confirmed the inclusion of EOS on Huobi’s robust derivative market.
Despite being on the scene for less than 2 months, the company’s derivatives market is currently considered as one of the most impressive based on daily trading volumes which recently smashed the $1 billion dollar barrier.
Since its inception, Huobi has worked its way to the elite of cryptocurrency exchanges as evidenced by its ranking by highly esteemed sites like coin market cap. As of now, the exchange is on position three based on 24 hour volume which is currently oscillating within the vicinity of $764 million USD dollars.
However, it is also important to note that all is not roses with EOS as it has been the subject of some negative criticism in recent weeks. The platform has been labeled as centralized by some critics who condemned one of EOS’s Block producers (BP’s), termed Starteos, which was involved in gifting some users with the token in their accounts with some financial incentives. Additionally, the EOS platform is reportedly under investigations following Huobi’s alleged involvement in a corrupt arrangement.
To end with a market outlook, EOS has been one of the best performing cryptocurrencies on the market despite the prolonged bearish onslaught. At the time of writing, the cryptocurrency stands at $2.61 with the market cap and 24 hour volume placed at 2.3 billion and 707 million USD respectively.