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Business/Finance See other Business/Finance Articles Title: Huobi emerges as leading bitcoin platform in China Want... China's Huobi has become the country's largest bitcoin trading platform by creating a good user experience, despite the collapse of the virtual currency's value, reports CBNweekly, a magazine published by Shanghai's China Business News. Bitcoin has seen its value drop from a high of 8,000 yuan (US$1,290) to the recent level of 1,400 yuan (US$226), but an encouraging sign is that more businesses have begun accepting the currency, said the report. In April, online payment service PayPal announced that its member merchants can begin accepting bitcoin. The New York Stock Exchange launched a bitcoin index on May 19, said the report. A Goldman Sachs report in March said that over 80% of bitcoin volume is traded in the Chinese currency, indicating that Chinese investors have become leading players in the virtual currency, according to the report. Huobi, set up in September 2013, has grown into the largest bitcoin trading platform in China and has established a complete value chain that covers the mining of and applications related to the virtual currency. The website was set up by Chinese entrepreneur Li Lin, who found bitcoin ideal for a new business project because of the frequent usage, the close connection with money and the high entry barrier. After noticing user complaints about their poor experiences with existing Bitcoin websites, Li decided to enter the field by building a user-friendly service, according to the report. Li and his team adopted the model of a stock exchange to build Huobi, which allows users to easily adapt to its platform. Huobi has also never collected transaction fees since its launch, a move that has been followed by other services. Huobi benefited from Bitcoin's surge from 800 yuan (US$129) to 8,000 yuan (US$1,290) between September and November 2013, seeing a jump in user numbers. The platform also set a record daily turnover of 1.5 billion yuan (US$242 million) six months after its launch. However, the bitcoin sector was hurt by China's ban of banks and payment services accepting the virtual currency in transactions in December 2013. Huobi was forced to modify its system so that its users could use their bank accounts to transfer and receive funds used in bitcoin transactions. The change led Huobi to establish a customer service team to help users unfamiliar with the process, making it the first website in the industry that offered 24/7 services, the magazine said. Huobi has expanded its product range since late 2014 and launched such services as a bitcoin mining service, a bitcoin wallet and the "bitvc" investment platform. Most recently, Huobi teamed up with margin loan website Caimao and launched products that allow bitcoin holders at home and abroad to invest in domestic and overseas stock markets. The next step for Li, the magazine said, is to launch Bityes, a bitcoin trading platform using the US dollar, as trading in the yuan is declining while trading in the greenback is rising. Post Comment Private Reply Ignore Thread
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