[2018-06-01] Huobi Expected to Enter Brazilian Cryptocurrency Market

[DeadCoin]

The third largest cryptocurrency exchange by volume, Huobi, appears poised to enter the Brazilian market – with local reports indicating that the company has established an office in São Paulo, in addition to seeking to hire local talent. The interest in Brazil’s market comes at a time of peak interest in cryptocurrency among Brazilian citizens, according to reports.

https://news.bitcoin.com/huobi-expected-enter-brazilian-cryptocurrency-market/

Huobi Expected to Enter Brazilian Cryptocurrency Markets

Huobi Expected to Enter Brazilian Cryptocurrency MarketLocal media is speculating that Huobi, the third largest cryptocurrency exchange by trade volume, is readying itself to discreetly enter Brazil’s virtual currency markets.

The speculation appears to be informed by multiple events, including accounts that Huobi representatives were witnessed handing out business cards during the recent “Bitconf VI São Paulo” conference. The company has also been in contact with notable figures in Brazil’s cryptocurrency sector and has established an office in the major municipality and Brazilian financial hub of São Paulo, according to reports.

Will this impact the crypto currencies value grow?

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[InvoKing]

Well, it seems that they studied the market before entering it.

Brazil’s cryptocurrency user base appears to have grown considerably in just a few years, with Brazilians estimated to have moved approximately $2.4 billion in bitcoin during 2017 – a 1,400% increase from the $160 million estimated to have been moved by Brazilians in 2016.

Huobi is hiring currently two agents but this could be just a start to expand to other cities than Sao Paolo and maybe other South American countries.

[1Referee]

Well, it seems that they studied the market before entering it.

Brazil’s cryptocurrency user base appears to have grown considerably in just a few years, with Brazilians estimated to have moved approximately $2.4 billion in bitcoin during 2017 – a 1,400% increase from the $160 million estimated to have been moved by Brazilians in 2016.

Huobi is hiring currently two agents but this could be just a start to expand to other cities than Sao Paolo and maybe other South American countries.

It's the start of how China is going to dominate the crypto space again in the longer term. I wouldn't be surprised if Huobi ends up having a few high ranked government officials in its board. It's quite remarkable how it manages to moves through complicated and very time consuming laws that easily. Their ETF is just the next thing that confirms that there is a higher authority cutting that exchange plenty of slack.

Good thing is that there is no negativity in this case because of how it will stimulate growth in Asia and likely also in South America. Everything that helps pushing Bitcoin to the mainstream audience is what I consider to be a welcome step forward. With how the government in Brazil is just as bad as most of the other governments in that region there is no doubt in my mind that crypto will explode there in the forthcoming years.

[vit05]

I found this news very curious since I follow the Brazilian market and the main discussion groups, but I had not read about this interest until today. The Brazilian market is still basically Bitcoin. There are few exchanges that offer other cryptocurrencies. And all companies face serious difficulties in their relation with banks, that just close their banks accounts.