Crypto Exchange Huobi Launches Its Own Social Media Platform, Huobi Chat

  • Leading cryptocurrency exchange Huobi has recently launched a new social media platform.
  • The platform will feature a business model the company called "socializing is mining."

On September 26 Huobi, the world’s third-largest cryptocurrency exchange by trading volume, has released the beta version of “Huobi Chat,” its new social media platform. It has already invited over 1200 users and hopes it will be a cryptocurrency social network that can create connections within the cryptocurrency community between investors, teams, and consumers.

Huobi Chat's Features

The platform offers several features for its users to help lure them in. These include chain-split groups, which can help the creation of subgroups, as well as the HCT, or Huobi Chat Token, an incentive for users to promote the platform and attract more users, to foster a sense of community.

In order to compete with existing social media platforms, it also incorporates many other standard features. Specifically, the platform will ultimately support barter, payments, market information, news, entertainment services, and more. There have been other cryptocurrency projects that have involved social media, such as the Kin token, which attempts to leverage Kik’s millions of users in order to build value for its project.

It appears Huobi is taking a different approach - where it is seeking to leverage its credibility in the cryptocurrency community, to build a legitimate social media platform. It specifically refers to the idea of “socializing is mining” in the announcement, suggesting that it believes users will be incentivized to use the platform thanks to the Huobi Chat Token.

The company also hopes the security and incentivization of the platform will lead to its success. Given the fact that the exchange consistently trades hundreds of millions of dollars a day – it appears the company is hoping the cryptocurrency community views this as an opportunity to network and communicate securely.

Social Media Craze

This shouldn’t be too surprising, considering some of the world’s largest companies are social media platforms. One of the most obvious examples of the exponential growth in the social media sector is Facebook, the American online social media and networking company that boasts a market capitalization of over 470 billion dollars.

The company has grown exponentially over the past decade. Specifically, in the third quarter of 2008 – the company was already one of the most popular websites in the world, with around 100 monthly active users. In 2018, Facebook surpassed 2 billion monthly active users.

Presumably, Huobi hopes to capitalize on the interest in cryptocurrencies by allowing the community a platform to communicate, network, and share ideas.

New Wirex Visa Card Offers Users Cryptocurrency Rewards

A new Visa card launched by borderless payment platform Wirex rewards users with 1.5% back in bitcoin on all in-store purchases, allowing users to earn crypto rewards for using it.

According to a press release shared with CryptoGlobe, Wirex announced its new Visa Travelcard at the Singapore FinTech Festival. The card supports more than 150 currencies and processes cryptocurrency exchanges to fiat currency before transacting on the visa network.

It’s reportedly supported anywhere Visa is accepted and allows for free ATM withdrawals. Wirex touts its “first in the world” program allowing users to earn cashback in cryptocurrency. Per the firm the first 2,000 to order and activate a Wirex Travelcard will receive 20 Nano.

To get users onboard Wirex is removing management and traditional currency exchange fees for a limited period. The card is set to be available across the Asia-Pacific region. The firm’s CEO Pavel Matveev was quoted as saying it “witnessed an explosion in demand for hybrid fiat and crypto-enabled banking alternatives in APAC, where people need payments redesigned for the future.”

Wirex is one of the only cryptocurrency-related companies in the world to have been granted a UK FCA e-money license. Earlier this year it launched the WXT token on OK Jumpstart, OKEx’s IEO platform.

The firm’s announcement added it’ll soon release a “revolutionary selection of fiat-backed stablecoins.” Wirex is one of various fintech firms entering the crypto space. Revolut, for example, added stop orders for trading BTC, ETH, and BCH and others earlier this year.

Featured image by Nathan Dumlao on Unsplash.