Popular cryptocurrency exchange Huobi has reportedly succeeded in surpassing Binance and OKEx in terms of profits in 2018. The exchange has made a total of $483 million in commissions.
Huobi Profits $483M in 2018
According to a report from Korean media Sporbiz, the Singapore-based cryptocurrency exchange Huobi has managed to earn as much as $483M in commissions during 2018. Given the prolonged bear market throughout the entire year, that’s quite impressive.
Huobi is currently the 7th largest cryptocurrency exchange according to CoinMarketCap. Despite this, it has managed to surpass both the first (Binance), and the second (OKEx), in terms of profits.
Binance has reportedly made about $462 million in 2018, while OKEx is down the road with about $290 million.
How Did Huobi Do That?
It goes without saying that the cryptocurrency market has seen better years than 2018. Last year it lost more than $700 billion of its market cap, as Bitcoin dropped to $3,600 from its ATH value of over $20,000 in January 2018.
Still, in these seemingly critical market conditions, Huobi made almost half a billion dollars in profit.
The exchange definitely had some good hits throughout the year. Most notably towards the end when in December it launched Huobi DM. That’s the cryptocurrency derivatives trading arm of Huobi.
To say that it has been a success would be an understatement. In less than two months, the platform managed to get more than $20 billion in trading volumes, according to a recent press release.
Commenting on that, Livio Weng, CEO at Huobi Global noted:
We’re pleased with the strong response. This reinforces our belief that Huobi DM truly caters to our user’s needs. We’ve been getting positive feedback from our clients on our lack of clawbacks as well as Huobi DM’s capacity to help sophisticated traders manage the risk of spot market fluctuations. I believe this explains our platform’s explosive growth, even in the midst of the ongoing bear market.
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