Exchanges Roundup: SBI to Develop Wallet, Huobi Targets New Markets

In recent news pertaining to cryptocurrency exchanges, SBI Group has unveiled a partnership with Sepior that will see the companies jointly develop a proprietary wallet, Huobi has announced it is establishing an operational base in Dubai to target the African, Middle Eastern, and South Asian cryptocurrency markets, and Trijo, a Swedish crypto exchange, has received Estonian licensing that allows the company to offer services to residents of all EU nations.

Also Read: Czech Bank Launches Cryptocurrency-Friendly Services 

SBI and Sepior Partner to Develop Proprietary Wallet

Major Japanese financial services company SBI Group has announced a partnership with Danish cryptography security company Sepior Aps to jointly develop “a proprietary wallet to secure the online contents and transactions on SBI’s virtual currencies exchange platform, Vctrade.”

The president and chief executive officer of SBI Holdings, Yoshitaka Kitao, described Sepior as a “market leader in cryptography and threshold MPC,” praising the company’s facilitation of “secure online transactions without the classic reliance on a single trusted party.”

Ahmet Tuncay, the chief executive officer of Sepior, stated: “We are absolutely thrilled to be working with the SBI Group.”

Huobi Announces Plan to Expand Into International Markets

Speaking at the World Blockchain Summit in Dubai, Huobi Mena co-founder, Mohit Davar, announced the company’s intention to expand into the cryptocurrency markets of Africa, the Middle East, and South Asia.

“We are very excited to bring the Huobi blockchain and digital asset ecosystem to the Middle East, Africa, and South Asia. As Dubai is leading the blockchain effort in the region, it made sense for us to set up our Regional Head Office here,” said Davar.

Davar also announced that Huobi has established a team based in Dubai which will be tasked with facilitating “OTC trading, token-to-token trading, blockchain projects incubation, community development, and an educational center” targeting customers based in Africa, the Middle East, and South Asia. The beta version of the platform is live, currently hosting token-to-token and OTC trading.

Trijo Granted Regulatory Licensing in Estonia

Swedish cryptocurrency exchange Trijo has been granted licensing from the Financial Supervisory Authority of Estonia. The regulatory apparatus governing Trijo’s operations was designed specifically for cryptocurrency exchanges and will allow the exchange to offer services to all European Union (EU) nations.

Totte Löfström, the chief executive officer and founder of Trijo, praised Estonia’s regulatory framework for cryptocurrencies, stating: “We intended to work entirely from Sweden, but it does not work when there are so many better-tailored solutions abroad.”

Citing the benefits of being “one of the few” companies to receive the new Estonian licensing, Löfström stated: “It means greater security for our customers. They can be sure that we comply with laws and regulations for money laundering, but also that we have obligations to our customers that others do not have.”

Do you think that more major financial institutions like SBI will seek to offer cryptocurrency services? Share your thoughts in the comments section below!

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