On 24th July 2018, Bibox, one of the world’s leading digital asset exchanges, announced its strategic partnership with Huobi Pro. The two highly-ranked exchanges cross-listed their tokens, with BTC, ETH and USDT trading pairs, and also set aside a specific amount of tokens to reward users. Although most of the digital asset exchanges have released their own tokens, this will be the first time in history that two mainstream exchanges cross-list tokens. What are the significances that lie in this partnership?
Top-10 in merely 6 months
Bibox and Huobi Pro are both ranked as Top-10 exchanges in the world. Huobi is almost universally known in the industry; Bibox has remained low-key and seldom appeared in media coverage, while focusing on its product to successfully climb into Top-10 ranking in a mere span of half a year.
Another little-known fact is that Bibox founder Jeffery Lei was the co-founder of the original OKCoin team. In 2013, Jeffery co-founded OKCoin, a blockchain digital asset exchange, with Xu Mingxing. Jeffery was the only person within OKCoin to have the equal standing as Mingxing. Fervently passionate about Artificial Intelligence (AI), Jeffery co-founded Ji Xian Yuan in 2014, and was at the helm of the AI technology company as CEO. By 2017, the OKCoin team expanded to over 300 employees and Ji Xian Yuan also grew to become a well-known company in the AI field.
In October 2017, Jeffery left OKCoin and founded Bibox, integrating AI technology into all aspects of the digital asset exchange. The use of AI technology enables Bibox to automatically optimize the platform’s data and transactions. Additionally, by employing the most advanced distributed cluster architecture, Bibox has a million-level-per-second memory matching system. This ensures a smooth and stable system, making it faster to load each page, as well as ensuring smoother and quicker transactions. This will reduce any loss incurred due to market delay.
In addition, Bibox conducts in-depth analysis of industry trends with the use of AI technology. In the event of detecting market manipulation, investors will be promptly reminded to avoid economic loss. According to third-party data, Bibox went live on 23rd November 2017 and successfully entered Top-5 in the world-ranking within half a year; from May 2018, Bibox’s trading volume has consistently remained in Top-10 globally.
Strategic Partnership with Huobi
In the blockchain space, exchanges are seen to be at the top of the pyramid. Since 2017, the number of digital asset exchanges has drastically soared. According to media, in June 2017, there were more than 4,000 digital asset exchanges around the world; after half a year, the number rose to 7,700; as of early June this year, this has exploded to over 11,000. Unsurprisingly, competition in the industry has dramatically intensified.
Nonetheless, only 14 exchanges with a daily transaction volume of over CNY 1 billion (~ US$ 150 million) accounted for 73% of the total transaction volume. This cross-platform collaboration between Bibox and Huobi Pro illustrates strong alliance within the industry to jointly reduce risks.
Both Bibox and Huobi Pro have set aside a specific amount of tokens to reward users — evidencing both parties’ sincerity and determination in making this collaboration a successful one. The significance of this partnership is not only to cross-list each other’s tokens, but also to complement each other’s resources and technologies to scale greater heights together.
Last but not least, this collaboration between Bibox and Huobi Pro builds a strong foundation to ensure the safety of the platform and establish a more powerful defense against hacker attacks.
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