SINGAPORE, May 17, 2020 /PRNewswire/ -- Huobi DM, the digital asset derivatives exchange of Huobi Group, was rebranded to Huobi Futures has amid a surge in demand for crypto derivative products, announced by Ciara Sun, the spokesperson and the Head of Huobi Global Business. 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.
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.
Huobi Futures has also gained significant traction for a relatively new derivative product, coin-margined perpetual contracts, which it only launched in late March—years behind the biggest competitor in the space. Despite the late entry into coin-margined swaps, Huobi Futures has already topped the market in cumulative trading volume. On May 12, the total 24h coin-margin perpetual trading volume on Huobi Futures exceeded $5.46 billion, outperforming its closest competitor.
"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."
About Huobi Group
Consisting of numerous upstream and downstream enterprises, Huobi Group is a leading global blockchain company. Established by Leon Li in 2013, the company's Huobi Global 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.
Contact: Hailan Jia, [email protected]
SOURCE Huobi Global