Singapore-based cryptocurrency exchange Huobi has announced that it will launch a crypto exchange based on the EOS Distributed Proof-of-Stake protocol. The exchange’s mining team Huobi Pool will be behind the launch of the exchange, which is expected in the first quarter of 2019.
CEO of Huobi Pool, Cao Fei, said of the development:
As an EOS super node, Huobi Pool has placed its ecological development high on its list of priorities. Launching this EOS exchange is simply the next logical step in our support.
The exchange will let users trade EOS for other tokens. Huobi Pool has also released a series of animated videos called “EOS 20 Questions,” where they educate users on the benefits of the EOS cryptocurrency.
In other news, Huobi’s Russian subsidiary has announced that it will be working with state-owned bank Vnesheconombank to offer companies legal support in the crypto space a “legal lab.” Huobi also launched a Russian exchange on December 6, 2018.
Huobi has been busy expanding its services, having recently launched a derivatives market as well. Huobi is one of the world’s largest exchanges, with an average 24-hour trading volume of close to $500 million.
Huobi Working Intensely on EOS-Related Efforts
Huobi is closely associated with the EOS project, and the Huobi Pool has been working on the exchange since last year. The collaboration included an EOS testnet called CryptoKylin Testnet.
EOS is seen as a competitor to Ethereum, though there have been doubts as to whether it can compete with the world’s second-largest cryptocurrency by market cap.
The EOS DPoS protocol has received criticism before, most notably from Ethereum co-founder Vitalik Buterin, who pointed out security flaws in the system.
Huobi has also been accused of collusion, trading voting influence for money. The company responded to these allegations, saying that no such collusion took place.
Amidst these accusations of weak governance, some developers have taken to correcting the problem themselves. Last October, EOSNation developed a referendum tool to make the system more fair.