Crypto exchange Huobi returns to profitability in Q1 after restructuring
1. Restructuring leads to profitability for Huobi Huobi,a cryptocurrency exchange,reported a return to profit during the first quarter of 2020 after restructuring the services they offer. By reducing operational costs and focusing on the growing derivatives market,the company recorded a positive cash flow for the quarter. Huobi also announced that their trading volumes are increasing rapidly,with a 130% growth in spot trading volume and a 550% growth in contract trading volume compared to last year. This demonstrates that focusing on a specific market segment can lead to a significant improvement in profitability. 2. Expansion plans for Huobi in Thailand Huobi also revealed plans to expand its operations in Thailand,choosing the country as a strategic location to target the Southeast Asian cryptocurrency market. To achieve this,the exchange is partnering with VGI Global Media Plc,which has access to over 10,000 touchpoints throughout Thailand,including BTS Skytrains and bus stations. W...