Huobi to Issue Loans for Miners

This is the part of services that will be available for russian clients of the crypto exchange
19 November 2018   602

Huobi, which opened an office with 30 employees in Moscow on November 12, expects to give Russian users access not only to trading functionality, but also something more. This reported by CoinDesk.

As previously reported, a new call center with Russian-language support opens on the basis of the Russian division, which in itself distinguishes Huobi against the background of such exchanges as Binance, OKEx and Bitfinex, which are currently not ready to provide support to users in Russian.

In addition, through the Russian division of Huobi will implement over-the-counter trading (OTC) and listings, as well as provide personal managers for large customers, its head Andrei Grachev said. .

Initially, Huobi’s plans were even more ambitious - the exchange wanted to give users the opportunity to make deposits in Russian rubles, but local experts did not advise it to do so.

They consulted with us a lot, and in the end, I think, we made them feel disappointed. They were interested in providing fiat operations, but we told them it’s impossible.
 

Vladimir Demin

Head of the Center of Digital Transformations, Russian government-owned development bank Vnesheconombank

Nevertheless, Russian users will be able to buy cryptocurrency for rubles through an over-the-counter service, and then transfer it to their trading accounts, Grachev said. The over-the-counter platform is already functioning, but for the time being it is used by very few users from Russia, so Huobi expects to attract new customers to its proposal with a favorable commission rate.

In addition, Huobi intends to issue loans to miners for the purchase of specialized ASIC equipment and lease premises for their placement. According to Grachev, the service can earn in the first quarter of next year.

Bitmain's Q3 Losses to Reach $500M

Bitmain still hopes to conduct an IPO at Hong Kong Stock Exchange
19 February 2019   99

The Chinese mining company Bitmain lost $ 500 million in the third quarter of 2018 amid a decline in the cryptocurrency market, CoinDesk reports, citing updated financial reporting provided by the Hong Kong Stock Exchange (HKEX) for its initial public offering (IPO) on its site.

In the first nine months of last year, Bitmain earned about $ 500 million, with a total amount of revenues of $ 3 billion, a source familiar with the situation said. Earlier, Bitmain stated that its profit for the first half of 2018 was $ 1 billion. As reported, subtracting that from a $500 million profit for the first nine months leaves it with a net loss of roughly $500 million for the third quarter.

In the past, Bitmain also reported that its income for the first half of the year was $ 2.8 billion. Thus, taking into account the total amount of revenues for nine months, only about $ 200 million remains for the third quarter.

The updated statements also contain information about Bitmain's cryptocurrency possessions - they depreciated from more than $ 800 million on June 30 to less than $ 700 million at the end of the third quarter. The fall of more than $ 100 million coincided with a general decline in the cryptocurrency market.

The application for IPO, issued by Bitmain at the end of September, contained information that the company held mainly Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Dash. The ratio of assets in its portfolio is unknown. According to CoinMarketCap, the rates for these cryptocurrencies fell by more than 50%, and Bitcoin Cash lost over 70% of the cost.

The documents will be presented to the general public only if the Bitmain application is approved to the meeting regarding the listing of the company's shares, which may not take place, given HKEX’s doubts about the viability of mining companies.