Cryptocurrency (Mar 05, 2021 07:30AM ET)
- Huobi Global has obtained a Hong Kong cryptocurrency fund license.
- It will launch Bitcoin, Ethereum, and multi-strategy funds.
Huobi Global, a Seychelles-based crypto exchange that was originally founded in China, has obtained a Hong Kong cryptocurrency fund license, and it will launch Bitcoin, Ethereum, and multi-strategy funds on March 3, as per the tweet from crypto-journalist Wu Blockchain.
A positive development for the crypto space, especially in Asia. Although not too many people outside of the region are aware, Huobi is quite a large player in the space. This development could allow more companies and high net worth individuals to invest in crypto.
This development’s magnitude might be similar to that of Grayscale trust to the crypto market, especially price-wise, to top cryptocurrencies such as Bitcoin and Ethereum.
On the Flipside
- China has been stringent on digital currencies before.
- Asia as a whole is showing an increased interest in crypto.
Although this is a positive step for crypto adoption in Asia, as long as the largest market – China has a distrusting eye on cryptocurrencies it will continue to be viewed with skeptical optimism.
One could only imagine the effect on the crypto markets and the price of Bitcoin and Ethereum if China suddenly changed its tune and allowed full-scale crypto adoption and investment to its almost 1.4 billion citizens.
Is such a development possible? For now, there is no way to predict or foresee it happening in the immediate time frame, but in the future, anything is possible. Bitcoin was launched in 2009, and very few individuals could predict its growth.