Let’s talk crypto, Metaverse, NFTs, CeDeFi, and Stocks, and focus on multi-chain as the future of blockchain technology. Let us all WIN!
The Huobi Advisory Board will evaluate all Poloniex projects on a monthly basis beginning today.
Cryptocurrency exchanges Huobi and Poloniex have finally announced an official partnership after denying media rumors. According to the official announcement, the two exchanges have entered into a ‘strategic partnership’ geared towards multiple cooperation. At the top list of priorities for the strategic partnership between the two companies is developing a more robust entity to compete with other leading exchanges.
According to aggregate data from Coingecko, Huobi exchange handled a 24-hour volume of approximately $299,821,720.20. Reportedly, The most active trading pair on Huobi in the past 24 hours is BTC/USDT, with a volume of about $59,756,733.98.
Poloniex, a Justin Sun-backed exchange, on the other hand, reported a 24-hour volume of approximately $41,172,803.49. While Huobi has publicly indicated its balance reserves, Poloniex has not yet provided its balance sheet details. As such, the partnership between the two firms will be strategic in lifting their ultimate mission of enhancing global crypto adoption.
“The two exchanges will progressively cooperate in multiple business aspects, including HT ecosystem development, project connectivity, liquidity sharing, and global compliance – committing to building the world’s top trading platform and gaining the trust of users,” the announcement reads.
Reportedly, the Huobi Advisory Board will evaluate all Poloniex projects on a monthly basis beginning today. As a way to promote quality DeFi projects, the Huobi ecosystem will regularly list Poloniex projects that show the potential to disrupt the global industry.
Bigger Picture of Huobi and Poloniex Strategic Partnership
Following the FTX implosion, centralized cryptocurrency exchanges are taking extra measures to gain market dominance amidst the ongoing bear market. While the general crypto market sentiment indicates bullishness on the long-term scale, possible bleeding in the short term is likely. Furthermore, former FTX CEO Sam Bankman-Fried previously argued that several cryptocurrency exchanges are silently insolvent.
As Huobi and Poloniex – among the top 15 crypto exchanges – forge a strategic partnership. The persistent and urgent question is how many smaller cryptocurrency exchanges are yet to announce official bankruptcy.
The partnership of Huobi and Poloniex shows how hard it is to get global regulatory approvals. Moreover, Poloniex is backed by Sun, the permanent representative of Grenada to the WTO.
— Poloniex Exchange (@Poloniex) November 12, 2019
Following the partnership announcement, Huobi’s HT token has gained approximately 46 percent in the past 14 days to trade around $6.83 on Thursday. According to our latest crypto price oracles, the HT token has a market capitalization of approximately $899,459,257 with a 24-hour trading volume of about $14.5 million.
The cryptocurrency market continues to showcase Satoshi Nakamoto’s spirit of infinite possibilities. As such, global adoption is expected to reach billions of users in the next decade.