Singapore-based exchange conglomerate Huobi Group has a unique growth strategy for emerging markets: partner with local entities and then split the profits 50/50.
Revealed exclusively to CoinDesk, the South African exchange HIZA will launch in May and join a cohort of 150 platforms under the Huobi Cloud umbrella, according to Huobi Group’s senior business director David Chen.
“We will help them get their trading volume up and we’ll expand our business when the market is more mature,” Chen said, adding that up to 80 like-minded partnerships are currently in the pipeline.
The cryptocurrency excitement reached fever pitch in 2017 as Bitcoin struck $20,000. Whether a Bitcoin maximalist or an altcoin aficionado, we were all in a state of euphoria. Then things changed. The market took on a downward spiral and interest in the industry took on a similar path. As we recently reported, interest in the industry has dropped by over 90 percent, with crypto sites’ Alexa rankings being on a free fall as well.
Huobi Group revealed at the World Blockchain Summit in Dubai that the company is looking to expand its operations to the Middle Eastern, African and South Asian markets in a bid to provide services to its unbanked or underbanked residents.
Co-founder Mohit Davar commented, “As Dubai is leading the blockchain effort in the region, it made sense for us to set up our regional head office here.”
Huobi’s Dubai office will cover these three new areas to potentially replicate its ecosystem model, which was first established earlier this year as a means of funding and forming partnerships with other blockchain-based companies.
Most of the attention, flurry and investment around blockchain technology is in the West, where people are investing in cryptocurrencies and focused on a slew of novel applications, like using a blockchain to track vegetables from the field to store shelves.
A commercial bank in Mauritius has inked a deal with blockchain lending startup SALT to test the use of digital assets as collateral for loans.
The "exploratory" deal between the State Bank of Mauritius (SBM) and SALT, which offers a platform allowing users to borrow against their cryptocurrency holdings, will see the bank testing that specific application.
The development represents the latest step in a wider effort to make Mauritius – an island nation in the Indian Ocean with an estimated population of 1.
Ogoniland, situated off the coast of the Gulf of Guinea in southeastern Nigeria, is considered the most polluted region along the Niger Delta and among the worst in the world.
Even though the Niger Delta is rich in resources, poverty, pollution and unemployment are rife.