Huobi Group has rebranded its cryptocurrency derivatives exchange platform Huobi DM to Huobi Futures
According to the announcement from the company’s spokesperson and head of Huobi global business, Ciara Sun, the new name underscores the evolution of the crypto derivatives market from a nascent industry to one burgeoning with new interest from both institutional and retail investors.
The quarterly report says that Huobi Futures experienced an 88.04% hike in the number of institutional investors over the first quarter of 2020. Derivatives trading volume saw an increase of 171.16%, rising from $126.7 billion average quarterly trading volume in 2019 to $343.8 billion in the first quarter of 2020.
Driven in part by recent speculation around Bitcoin’s third halving, the current macroeconomic environment, and as more sophisticated investors enter a maturing market, Huobi Futures become one of the most lucrative business units of Huobi Group.
According to the data released by TokenInsight, last quarter, total derivatives market trading volume on Huobi Futures reached $438 billion, accounting for 22% of the total market trading volume. While institutional traders were major contributors to the recent growth, there was also a substantial uptick in activity from retail traders.
“The last few quarters have been particularly exciting for the crypto derivatives market, but I’m more excited that the increased activity we’re seeing today may be a catalyst for widespread crypto adoption,” said Ciara. “Rising demand for crypto derivatives from both institutional and retail user bases signifies growing acceptance of digital assets and a maturing market, so we’re positioning Huobi Futures to bridge the gap towards traditional financial markets.”
With the rebrand, Huobi aims to make its derivatives exchange more approachable for new traders entering the crypto derivatives market. By appealing to a wider audience, Huobi Futures plans to continue on its current growth trajectory as it develops innovative new derivative products and broadens its user base.
The rebrand was first unveiled during a Consensus: Distributed session titled ‘Crypto Evolution In a BTC Halving Year,’ which was hosted by Huobi and joined by guest panelists from institutional blockchain firms like Pantera, Dragonfly, and Multicoin. Speaking during the session, Sun stated, “While a name change is nothing too monumental, for us it represents an acknowledgement of the changing times we have seen in the cryptocurrency trading space.”
Established by Leon Li in 2013, the company’s Huobi Group exchange accumulative turnover exceeds US $3 trillion. Huobi proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 170+ countries.
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