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Cryptocurrency exchange operator Huobi Group has announced a new initiative targeted towards institutional clients.
Called Global Institutional Business (GIB), the initiative will see the creation of a team that will work towards offering and supporting services including contracts, exclusive benefits for VIP traders, and dedicated fiat desks for institutional clients, as well as additional plans for custody services.
Speaking at the San Francisco Blockchain Week, Chris Lee, CFO of Huobi Group, said that the GIB is being set up following the growing involvement of institutions such as traditional hedge funds, banks, and tech giants in the crypto space.
In its press release, the company said that it has onboarded more than 1,000 institutional clients, representing around 500% growth in the number of institutional traders on its platform. Lee said that Huobi’s new Institutional business is aimed at providing end-to-end comprehensive client services.
"We've seen increasing demand for products and services catered toward institutional clients this year," he said. "And with GIB, Huobi has once again attracted notice as a leading comprehensive cryptocurrency and blockchain solutions company."
As per the details, GIB will initially focus on the establishment of a new business line of products and services for institutional clients, which will be backed by Huobi's tiered fees and relationship management services with 24/7 dedicated onboarding, product, and technical support.
Established in 2013, Huobi provides cryptocurrency trading and asset management services to millions of users in 130+ countries and has established compliant operations in Korea, Japan, and Gibraltar. Just recently, Huobi Japan raised around 500 million yen (or approximately $4.6 million) from Financial Products Group (FPG).
