Huobi, a major cryptocurrency exchange is said to be spreading its operations to Brazil, as the exchange is claimed to be marketing its platform in the country while trying to hire regional staff following its launch of a workspace in Sao Paulo.
Based on a local news outlet Portal do Bitcoin, Huobi agents were seen giving out business cards at VI Bitconf, a cryptocurrency conference organized in Sao Paulo, Brazil, where BCH advocate Roger Ver propelled the cryptocurrency and condemned Venezuela’s oil-backed Petro.
According to the news outlet, Huobi has been reaching out to “well-known names in the Brazilian market,” and has created a workspace in Sao Paulo using offices offered by We Work. Even though there is no official detail from Huobi, Portal do Bitcoin says the exchange will be running in the country by the end of this year.
The Singapore-based firm is planning on hiring a Chief Compliance Officer, whose duty will be around tracking the company’s operations to identify inefficiencies and illegal activities. In a different ad, Huobi is hiring a Digital Marketing Manager, who duty will be to assist its brand in the country.
According to CoinMarketCap, at press time, Huobi is the world’s third-largest cryptocurrency exchange, after processing a “1.1 billion trading volume in the past day.
The firm has begun increasing its operations into Canada as it sees it “emerging as a leading blockchain nation.” Huobi Canada’s general manager Ross Zhang noted at the time:
“Establishing Huobi’s first Canadian offices in Toronto is a continued effort to help the blockchain industry become more credible so that mass adoption can come sooner.”
Earlier in January, the exchange announced it was opening a branch in San Francisco, which saw it register with the Financial Crime Enforcement Network (FinCEN) after two months, as money services business (MSB), to make it possible to provide crypto-to-crypto trading in the US.
Huobi’s existence in Brazil will increase competition in the country. Earlier this year, Foxbit, the country’s largest cryptocurrency exchange, forfeited about 58 BTC following attacks from hackers on the platform’s weak security practices.