Huobi Enters South Korean Market With 100 Coins on Offer
- The exchange is planning to introduce trading against KRW in the future.

Huobi, one of the largest cryptocurrency exchanges in the world, has entered the lucrative South Korean market with the launch of a new exchange, called Huobi Korea.
The Singapore-headquartered company launched its newest exchange on March 30 with 100 coins listed, which can be traded in 208 markets (33 USDT markets, 98 BTC markets, and 77 ETH markets).
To make the platform resilient against the rising number of thefts from cryptocurrency exchanges, Huobi has taken a number of rigorous measures to make the new platform as secure as possible. Huobi Korea is storing 98 percent of its clients’ funds in Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to send cryptocoins.Benefits of Cold StorageMany cryptocurrency experts recommend that you don’t keep your coins on an exchange at all rather, keeping them in a cold wallet of your own. Overall, cold storage helps control for a number of threats such as theft.This includes signing transactions with private keys in an offline environment. However, transactions initiated online are temporarily transferred to an offline wallet kept on a device such as a USB, CD, hard drive, paper, or offline computer. This itself creates risks that must be accounted for.These private keys can be stored in several different ways. By extension, when they are stored inside of a device that is connected to the internet, they are said to be in a hot wallet.When they are stored in a device (i.e. a hardware wallet) that is not connected to the internet, or on a piece of paper (a paper wallet), they are said to be in cold storage.Because cryptocurrencies that are kept in cold storage do not have an active connection with the internet, cold storage is considered to be a much safer method of keeping coins secure. After all, you can’t hack into a piece of paper.When searching for a cryptocurrency exchange, it is imperative to make sure that the exchanges you use keep their cryptocurrencies in cold storage. This vastly reduces the risk of losing the funds that you keep on an exchange to a hacker. Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to send cryptocoins.Benefits of Cold StorageMany cryptocurrency experts recommend that you don’t keep your coins on an exchange at all rather, keeping them in a cold wallet of your own. Overall, cold storage helps control for a number of threats such as theft.This includes signing transactions with private keys in an offline environment. However, transactions initiated online are temporarily transferred to an offline wallet kept on a device such as a USB, CD, hard drive, paper, or offline computer. This itself creates risks that must be accounted for.These private keys can be stored in several different ways. By extension, when they are stored inside of a device that is connected to the internet, they are said to be in a hot wallet.When they are stored in a device (i.e. a hardware wallet) that is not connected to the internet, or on a piece of paper (a paper wallet), they are said to be in cold storage.Because cryptocurrencies that are kept in cold storage do not have an active connection with the internet, cold storage is considered to be a much safer method of keeping coins secure. After all, you can’t hack into a piece of paper.When searching for a cryptocurrency exchange, it is imperative to make sure that the exchanges you use keep their cryptocurrencies in cold storage. This vastly reduces the risk of losing the funds that you keep on an exchange to a hacker. Read this Term to protect them from any attack on the exchange.
Moreover, the exchange has increased the complexity of internal access procedure of the funds. South Korean wing of the news agency ZDNet quoted an official of the exchange: “in order to open the repository, we have added security to complex procedures that require multiple people to authenticate together.”
“We are also creating an investor protection fund and run an investor protection program to immediately compensate for losses that are not investor error,” the official added.
Ambitious plans
However, the exchange is not stopping on this as it has plans to introduce trading against KRW as well. Despite South Korea’s strict policy of KRW trading, the official website of the exchange noted: “the KRW market is in the process of being prepared and will be available soon.”
Currently, one four major cryptocurrency exchanges in the country - Upbit, Bithumb, Coinone, and Korbit - offers cryptocurrency trading against KRW as banks are cautious to issue virtual accounts to smaller exchanges.
“We are concentrating our ability to prepare for the rapid opening of the Korean won market…All employees will work hard to provide safer and more stable trading services,” the official from Huobi continued.
Resurrection against all odds
After the Chinese crackdown on the cryptocurrency exchanges from its borders last year, Huobi was forced to shut its lucrative business in the country. However, it soon moved to the neighboring crypto-friendly regions - Hong Kong and Singapore - to restart its business. Today, the company expanded its territory in five countries - Singapore, the United States, Japan, South Korea, and Hong Kong.
The result of the Korean inclusion is reflecting clearly in the exchange’s performance, as according to Coinmarketcap.com’s listing, Huobi became the second largest exchange in terms of trading volume lagging only behind Binance with over $1 billion trading volume in last 24 hours, as of press time.
Huobi, one of the largest cryptocurrency exchanges in the world, has entered the lucrative South Korean market with the launch of a new exchange, called Huobi Korea.
The Singapore-headquartered company launched its newest exchange on March 30 with 100 coins listed, which can be traded in 208 markets (33 USDT markets, 98 BTC markets, and 77 ETH markets).
To make the platform resilient against the rising number of thefts from cryptocurrency exchanges, Huobi has taken a number of rigorous measures to make the new platform as secure as possible. Huobi Korea is storing 98 percent of its clients’ funds in Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to send cryptocoins.Benefits of Cold StorageMany cryptocurrency experts recommend that you don’t keep your coins on an exchange at all rather, keeping them in a cold wallet of your own. Overall, cold storage helps control for a number of threats such as theft.This includes signing transactions with private keys in an offline environment. However, transactions initiated online are temporarily transferred to an offline wallet kept on a device such as a USB, CD, hard drive, paper, or offline computer. This itself creates risks that must be accounted for.These private keys can be stored in several different ways. By extension, when they are stored inside of a device that is connected to the internet, they are said to be in a hot wallet.When they are stored in a device (i.e. a hardware wallet) that is not connected to the internet, or on a piece of paper (a paper wallet), they are said to be in cold storage.Because cryptocurrencies that are kept in cold storage do not have an active connection with the internet, cold storage is considered to be a much safer method of keeping coins secure. After all, you can’t hack into a piece of paper.When searching for a cryptocurrency exchange, it is imperative to make sure that the exchanges you use keep their cryptocurrencies in cold storage. This vastly reduces the risk of losing the funds that you keep on an exchange to a hacker. Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to send cryptocoins.Benefits of Cold StorageMany cryptocurrency experts recommend that you don’t keep your coins on an exchange at all rather, keeping them in a cold wallet of your own. Overall, cold storage helps control for a number of threats such as theft.This includes signing transactions with private keys in an offline environment. However, transactions initiated online are temporarily transferred to an offline wallet kept on a device such as a USB, CD, hard drive, paper, or offline computer. This itself creates risks that must be accounted for.These private keys can be stored in several different ways. By extension, when they are stored inside of a device that is connected to the internet, they are said to be in a hot wallet.When they are stored in a device (i.e. a hardware wallet) that is not connected to the internet, or on a piece of paper (a paper wallet), they are said to be in cold storage.Because cryptocurrencies that are kept in cold storage do not have an active connection with the internet, cold storage is considered to be a much safer method of keeping coins secure. After all, you can’t hack into a piece of paper.When searching for a cryptocurrency exchange, it is imperative to make sure that the exchanges you use keep their cryptocurrencies in cold storage. This vastly reduces the risk of losing the funds that you keep on an exchange to a hacker. Read this Term to protect them from any attack on the exchange.
Moreover, the exchange has increased the complexity of internal access procedure of the funds. South Korean wing of the news agency ZDNet quoted an official of the exchange: “in order to open the repository, we have added security to complex procedures that require multiple people to authenticate together.”
“We are also creating an investor protection fund and run an investor protection program to immediately compensate for losses that are not investor error,” the official added.
Ambitious plans
However, the exchange is not stopping on this as it has plans to introduce trading against KRW as well. Despite South Korea’s strict policy of KRW trading, the official website of the exchange noted: “the KRW market is in the process of being prepared and will be available soon.”
Currently, one four major cryptocurrency exchanges in the country - Upbit, Bithumb, Coinone, and Korbit - offers cryptocurrency trading against KRW as banks are cautious to issue virtual accounts to smaller exchanges.
“We are concentrating our ability to prepare for the rapid opening of the Korean won market…All employees will work hard to provide safer and more stable trading services,” the official from Huobi continued.
Resurrection against all odds
After the Chinese crackdown on the cryptocurrency exchanges from its borders last year, Huobi was forced to shut its lucrative business in the country. However, it soon moved to the neighboring crypto-friendly regions - Hong Kong and Singapore - to restart its business. Today, the company expanded its territory in five countries - Singapore, the United States, Japan, South Korea, and Hong Kong.
The result of the Korean inclusion is reflecting clearly in the exchange’s performance, as according to Coinmarketcap.com’s listing, Huobi became the second largest exchange in terms of trading volume lagging only behind Binance with over $1 billion trading volume in last 24 hours, as of press time.