Huobi targets 30% market share in Korean crypto market next year
[THE INVESTOR] Huobi Korea, the Korean unit of Huobi, one of the world's largest crypto asset exchanges that was launched on March 30, said on Aug. 2 it aims to take up 30 percent of the total market share here.
“We are growing rapidly, attracting 200,000 users within two months of the launch. Our goal is to occupy 30 percent of the local market share next year,” Kim Yeong-cheol, managing director of Huobi Korea, said during Huobi Carnival, a blockchain conference hosted by the company in Seoul on Aug. 2-3.
Huobi Korea Chairman Zhao Guofeng speaks at Huobi Canival in Seoul on Aug. 2.
The Korean director of the Singapore-based company also vowed to play a leading role in cultivating the blockchain ecosystem in the country.
“In addition to our exchange service, we are carrying out many other businesses,” Kim said. “With Huobi’s other affiliates such as Huobi Eco and Huobi Capital, we will focus on investing in blockchain startups and infrastructure so that we can cultivate the ecosystem.”
In May, Huobi Korea set up a fund worth 100 billion won (US$885.60 million) with local private equity firm Kiwoom Investment and China-based New Margin Capital.
“Along with blockchain experts from many countries including China, the US and Japan, we will do our best to make Korea a blockchain hub,” said Zhao Guofeng, chairman of Huobi Korea.
Zhao noted that Huobi opened its first overseas branch in Korea because of the country’s superior technology and education.
“Besides, we’ve realized that a lot of Korea’s small and medium enterprises have a strong desire to go global. We want to help them with blockchain technology.”
About 2,500 people attended the two-day Huobi Carnival -- one of the blockchain industry's largest gatherings held here. The Investor was an official media partner of the event.
By Park Ga-young (firstname.lastname@example.org)