One of the leading cryptocurrency exchange platforms in the world, Huobi is reportedly expanding to the Brazilian market. According to the recent information passed by a local new outlet, Portal do Bitcoin, the exchanger set up an office in São Paulo and is currently in a recruiting process.
The source also reported that Huobi has set up offices in a space which is provided by WeWork in São Paulo. In addition, the leading exchanger has been reportedly contacting important companies and entrepreneurs in the country. Operation of Huobi in Brazil is expected to start by the end of this year.
Meanwhile the information by the local news agency has not yet been officially confirmed by Huobi directly. At the same time the company is reportedly searching for talent on LinkedIn and other platforms. The source confirms that recent job openings by the company were announced to be positions for Chief Compliance Officer and Digital Marketing Manager. As reported, Chief Compliance Officer will be responsible for monitoring the company’s operations and identifying irregularities and illicit activities, while the Digital Marketing Manager, will work towards developing the Huobi’s brand in Brazil.
Huobi is currently considered to be the third largest cryptocurrency exchange platform in the world. CoinMarketCap confirms that the exchanger has processed a trading volume worth $1.1 Billion in the last 24 hours.
As a result of Huobi exchange expanding to Brazil, the competition in the country’s cryptocurrency market is expected to be measurably increased. Brazil’s largest cryptocurrency exchange is Foxbit, which earlier this year lost 58 BTC as a result of a major hack. Meanwhile Huobi is expected to face a strong competition from XP Investimentos which is Brazil’s biggest investment firm. XP is currently launching own cryptocurrency exchange in the country.