According to cryptocurrency exchange Huobi’s co-founder Du Jun, the company is making plans to re-enter the US market.
As stated in an interview with CNBC, Jun explained that the company based in the Seychelles may forgo the idea of launching a US crypto exchange in order to target different areas like asset management.
He said: “I expect asset management to be a bigger business than an exchange, which echoes the traditional finance market as well. I don’t think an exchange is a necessary element for entering the US.”
Huobi entered the US market in 2018 but it was a short-lived venture as only a year later the exchange cancelled all operations. It withdrew from the market due to not having “a strong commitment at that time” alongside a poor management team in the US.
It hasn’t always been plain sailing for the company. Following China’s elimination of cryptocurrencies, last year Huobi was forced out of the country which cost it an estimated 30% of its revenue.
However, there is a silver lining to all situations as it broadened the horizons for the expansion demonstrated now.