Huobi Group Mid-Year Meeting: Building a Metaverse Web3.0 Financial Free Port
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Huobi Group Mid-Year Meeting: Building a Metaverse Web3.0 Financial Free Port
Huobi has consistently implemented its "global compliance" strategy, actively embracing regulation and exploring diverse compliant and legal operational models.
Navigating Web3 tides with focused insightsRecently, Huobi Group held its mid-year meeting. The meeting reviewed Huobi Group's overall progress in the first half of 2023 and outlined development plans for the second half of the year. Justin Sun, member of the Huobi Global Advisory Committee, attended the meeting and shared unique insights on the development of the blockchain industry.
Transitioning from a Weak Number Three to a Strong Number Three
Data shows that due to the meme coin boom and regulatory crackdowns on other exchanges, Huobi and Poloniex achieved significantly better Q2 operating performance compared to Q1.
However, in terms of total on-chain assets, Huobi and Poloniex’s combined 4 billion USD still lags behind Binance’s 60 billion USD and OKX’s 10 billion USD. Overall, the current position remains that of a weak third player in the industry.
Given this, Huobi stated that over the next six months, it will continue restoring brand confidence, increasing platform capital inflows and trading volume, and achieving profitability targets, aiming to transition from being a weak number three to a strong number three.
A relevant executive at Huobi said that after several months of cost reduction and efficiency improvements, Huobi has overcome survival challenges and can now make decisions with greater long-term vision. Huobi will actively embrace the ever-changing crypto industry, adhere to a user-first principle, avoid pursuing short-term commercialization at the expense of user value, and instead consistently strive to create greater commercial value by generating new user value.
The Three Pillars of the Crypto Market: Exchanges, Public Chains, and Stablecoins
As a member of the Huobi Global Advisory Committee, Justin Sun stated at the meeting that Huobi has consistently pursued a "global compliance" strategy, actively embracing regulation and exploring diverse compliant and legal operational models.
Driven by Hong Kong's new regulations, crypto companies are flocking to the region. As a key participant in the crypto market, Huobi is actively establishing a presence in Hong Kong. It is reported that Huobi has launched Huobi Hong Kong, opening registration for users in Hong Kong starting June 1. Huobi is also the first exchange member of the Hong Kong Virtual Asset Rating Alliance (HKVAC). Meanwhile, Huobi continues communicating with the Hong Kong government to apply for a Hong Kong cryptocurrency exchange license.
Against this backdrop, and considering the tightening crypto regulations in the United States, Justin Sun analyzed that exchanges, public chains, and stablecoins will become the core of the entire blockchain industry, gradually forming the three pillars of an offshore financial strategic landscape, demonstrating long-term growth potential. He stated his mission is to build a metaverse Web3.0 financial free port, enabling all eight billion people worldwide to achieve financial freedom in the metaverse. Public chains serve as the foundation for building this metaverse financial world, while exchanges act as the critical gateway—the "customs, gateway, and access point"—to enter this metaverse financial world.
Justin Sun believes that although the group currently ranks third in the industry, horizontally speaking, it is the only offshore financial ecosystem platform with a complete three-pillar structure. The three business areas—exchange, public chain, and stablecoin—will work together to enhance user experience across multiple dimensions, focus on long-term industry development, capture the majority of industry traffic, and build a globally influential Web3.0 financial hub.
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