Houbi Set to Launch First EOS Dedicated Crypto Exchange

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Photo Credit: Medium

Third largest cryptocurrency exchange by volume Houbi is set to launch the firm’s first cryptocurrency exchange that will be solely dedicated to trading the EOS token against other cryptocurrency assets. According to a press release by the company, this move which is sponsored by the Houbi Group and will kick off operations in the first quarter of 2019.

The new exchange will be launched by Huobi Pool, the company’s cryptocurrency mining arm. Speaking on the development, CEO of Houbi Pool, Cao Fei described the proposed launch of the EOS dedicated cryptocurrency exchange as “the next logical step in our support” as an EOS Block Producer (BP).

With this new development by Houbi, the new exchange will now allow users to trade the EOS token against other cryptocurrencies.

At the moment, Houbi is currently enjoying its position as the third largest cryptocurrency exchange based on trading volume on CoinmarketCap. According to stats, the exchange sees around $774 million in 24-hour volume.

While this move by Houbi is bound to thrill crypto investors, you’ll recall that the exchange also recently announced support for EOS on its derivative market. And according to recent reports, the company’s daily traded volume of its derivative market recently broke the $1 billion price mark.

Having launched its derivative markets in November, Houbi noted that this development would be of immense benefit to customers. Presenting the market at the cryptofrontiers conference the company remarked that its crypto derivative market would allow customers to take both short and long positions.

Although this move is seen as a positive development, EOS has for some time now come under serious criticism. The company has been repeatedly criticized for its alleged centralization. Again, recent reports suggest that Starteos, one of EOS’s BP’s had recently offered its token holders financial rewards in return for votes. That’s not all, there have also been a recent investigation of the EOS ecosystem after the exchange was rumored to be operating a corruption scheme