The Huobi Group officially launched Huobi Australia today at 10:00 a.m. (AEST). Users can trade 10 cryptocurrencies against the Australian dollar (AUD).
The decision to introduce so many fiat trading pairs at launch is a sign the digital asset trading platform is establishing itself as less reliant on Bitcoin than its competitors. The crypto-to-fiat trading pairs include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum Classic (ETC), Power Ledger (POWR), Aelf (ELF), Cortex (CTXC), DATA (DTA), and IOST (IOST).
Huobi Australia will go head-to-head with top cryptocurrency exchanges such as Binance, Bittrex, KuCoin, GDax and Bitfinex to capture the predominantly young male demographic. According to a recent study by the Australian Digital Commerce Association and Accenture (ADCA), over 83% of 312,633 registered Australian traders across seven exchanges are male, and 71% of all traders are under the age of 40, with 18-to-29 year olds comprising the largest demographic.
Huobi Australia plans to open more trading pairs in the future in a strategy that will help eliminate strict Bitcoin reliance. Currently, most exchanges still rely on Bitcoin as the predominant gateway to buying, selling and trading other cryptocurrencies, as traders must first purchase Bitcoin in order to buy or sell altcoins.
The exchange is also promising more robust liquidity, stable APIs and an efficient trading environment that will attract institutional and individual investors alike.
“Crypto-traders in Australia are increasingly knowledgeable and sophisticated, matched by a receptive regulator with interest in safely developing the market,” said Huobi Australia CEO Adrian Harrison, reports The Australian.
Huobi Australia is being launched in conjunction with the Melbourne-based Blockchain Global, the largest blockchain development enterprise in Australia to accelerate the growth and adoption of blockchain business solutions.
The new fully complaint exchange is registered with the government and will be regulated by the Australian Transactions Reports and Analysis Centre (AUSTRAC), the Australian Taxation Office (ATO, and the Australian Securities and Investments Commission (ASIC). It will offer free trading for 30 days for individuals who meet the requirements.