SBI Plans Derivatives Platform, Huobi Eyes 30% Korean Market, Thai Four-Crypto ATM Unveiled
Japan’s SBI Group is reportedly planning to create a crypto derivatives platform. In South Korea, Huobi is taking an aggressive approach and expects to achieve a 30% crypto market share. Meanwhile, a Thai crypto exchange has unveiled an ATM that supports four cryptocurrencies.
SBI Plans Derivatives Platform
SBI Crypto Investment, a subsidiary of Japanese financial services group SBI Holdings, has acquired a 12% stake in North Carolina-based Clear Markets, Nikkei reported Tuesday.
While the acquisition price was not disclosed, the news outlet estimates that the stake “is likely worth about 1 billion yen ($9 million),” elaborating:
Although digital currencies are more volatile than other asset classes, a derivatives market for them that can hedge against risk remains undeveloped. SBI Crypto therefore wants to build a platform that will allow institutional investors to smoothly trade these instruments.
Last month, SBI Virtual Currencies, the crypto exchange unit of SBI Holdings, opened its Vtrade service to the public following a limited launch in June. The exchange currently supports XRP, BCH, and BTC, but plans to add ETH in the near future.
Thai Multi-Crypto ATM
Thai cryptocurrency exchange Coin Asset unveiled its crypto ATM at the Hybrid Summit on July 28 and 29, according to Prachachat Turakij newspaper.
CEO Sivanus Yamdee explained that the ATM allows customers to purchase and sell BTC, ETH, LTC, and BCH in amounts as low as 100 baht (~US$3). The company plans to add more coins in the future based on demand from customers. The ATM also allows withdrawals in Thai baht.
The machine has a large touch screen and prints out a receipt after each transaction.
Coin Asset has reportedly applied for a license with Thai Securities and Exchange Commission; the agency began accepting applications last week.
Huobi Plans to Achieve 30% Korean Market Share
Chinese exchange Huobi is planning to aggressively pursue the Korean market, according to Asia Economic news outlet. The exchange launched its trading platform in Korea in March.
At the Huobi Carnival 2018 event on August 2 in Seoul, Kim Young-chul, head of the Strategic Planning Division of Huobi Korea, announced the company’s long-term strategy. He said:
The number of members has grown rapidly to 200,000 members within two months after the opening of the virtual currency exchange…We aim to achieve 30% market share in the next year.
In addition, Kim revealed that Huobi Korea will conduct various blockchain-based businesses alongside its exchange business. It will also actively recruit talented people. In February, Huobi Korea announced that it was looking for an “Innovation Business Team Leader,” a position with a minimum annual salary of 100 million won (~$88,596). “This policy will continue…We will hire more talented people in the industry,” Kim detailed.
What do you think of SBI’s derivatives platform, Huobi eying 30% market share in Korea, and the Thai crypto ATM? Let us know in the comments section below.
Images courtesy of Shutterstock, SBI Group, Huobi Korea, and Coin Asset.
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