At 12 o’clock on July 6, 2018, San Francisco, the digital asset exchange HBUS – announced that it will begin accepting applications for registration of US residents. As the exclusive strategic partner of the Huobi Group in the United States, HBUS has attracted a lot of attention.
On July 7, Mr. Fu Shengfang, CEO of HBUS, accepted an interview with Huobi Information, and asked us to explore the challenges that HBUS encountered on the US, the issue of US exchange licenses, and his competition for the current cryptocurrency exchange. the opinion of. Fu Shengfang believes that for digital currency exchanges, security, user experience and project richness are the magic weapon for the exchange to win.
Prior to joining HBUS, Fu Shengfang had extensive experience in overseas market work. He served as Managing Director of Meitu International and President of Kingsoft Software USA, responsible for global branding, product development, user acquisition and market growth. In addition, he has created several blockchain, mobile consumer applications and digital media startups in the US and Asia, and served as vice president and general manager of Bitfone, a pioneering mobile device management company acquired by HP for $160 million. .
Referring to the original intention of joining the digital currency industry, he said, “curious”, “the result of curiosity is all-in”.
“Safety first, we must be legal in the United States”
Referring to the challenges of the HBUS online process, Fu Shengfang believes that the technical challenge is part of the process and the other is compliance. The importance of security for cryptocurrency exchanges is self-evident. Fu Shengfang said, “HBUS employs the world’s best security experts. Our system is the safest, and we have learned from many other platforms to make our products the best.”
The exchange is on the US, and compliance is the biggest threshold. According to Fu Shengfang, the US market emphasizes that under the reasonable supervision laws, the federal government and the state governments have different licenses. There are also different licenses for currency transactions and legal currency transactions. “We apply for state, federal, currency and legal currency. Different licenses are now operating in a fully compliant and legal environment, and we have a fully localized team that serves the US users and markets.”
“You can enter the market at any time, and the exchanges are getting more and more opportunities.”
Since 2018, the market value of cryptocurrency led by Bitcoin has fallen, and in the market where investors wait and see, the online exchange needs great confidence. Fu Shengfang said that at any time, it is possible to enter the market. The partner of HBUS has developed into a large scale, and there are many needs to be met. The online is a normal schedule. He believes that the current market is still developing, and users are also increasing to provide users with the first needs.
Fu Shengfang is optimistic about the recent hot Fcoin mining trading model. He said that more innovative exchanges entering the market indicate that the user base is increasing and the user base is getting better. This proves that our opportunity is very good and the growth space is very large. “We welcome new product innovations and business model innovations, which is a positive feedback to us and can help us improve.”
The following is the full text of the interview:
Huobi information: What difficulties did HBUS overcome in the US?
Fu Shengfang: The technical challenge in the HBUS online process is part of it. Safety is the first and the other is compliance. This is the biggest challenge. The US market pays attention to the reasonable regulatory laws and can provide users with a sense of security under reasonable supervision. This is a big challenge we feel, and there are some challenges such as coordination, product debugging, content localization, these are the small problems encountered.
Huobi Information: What is the US digital currency market like? I would like to ask Mr. Fu to talk separately from the perspective of investors and project parties.
Fu Shengfang: The US market is the largest in the world. According to the cointelegraph data, there are 26 million cryptocurrency investors in the United States. This data is relatively large, and users are more active. Users are relatively more educated and earning more. From the perspective of the project side, the United States has a better technical and better team, and the valuation is close to the valuation of the real economy or the Internet industry, which is relatively reasonable. From the HBUS project partners, HBUS US project partners select high-quality projects, which are very high in terms of transaction volume, community, publicity, the landing of their own products, the selection of teams, and globalization. Good brand.
Huobi information: What kind of consideration does HBUS choose to do in the United States?
Fu Shengfang: As a strategic partner of Huobi, we have seen the demand of many overseas users. After all, Huobi is the world’s largest cryptocurrency exchange. Due to legal and regulatory restrictions, Huobi cannot be directly operated to the United States. There are many users in the United States who need to meet their needs. As a partner of Huobi, we hope to bring better service to American users.
Huobi Information: What are the competitive advantages of HBUS compared to other US exchanges?
Fu Shengfang: We have many advantages. The first is safety. The exchange must first be safe and there must be no attacks or stolen money. The second point is the user experience, and we provide services based entirely on users in the United States. Third, we have chosen more projects and partners on our exchanges, which are not available on other exchanges. Others are still improving, there is a process.
Huobi Information: In order to get the US exchange license, what efforts has HBUS made, and which step has it taken now?
Fu Shengfang: The United States has different regulations on currency transactions and legal currency transactions. This is a different license for product analysis. In addition, the United States has the distinction between federal and state governments. If there are federal requirements, the state will have different requirements. There are different license specifications for this angle. We will apply for different licenses according to state, federal, currency and legal currency. We have licenses now. (Editor’s Note: HBUS is currently not available for Alabama, Connecticut, Georgia, and Louisiana. That, New York, North Carolina, Hawaii, Vermont, and Washington State residents provide services. We are now operating in a fully compliant and legal environment, and we have a fully localized team that serves the US users and markets. .
To put it more here, the development of the Internet in the United States is very rapid, including the fact that UBER did not have a taxi license when it was doing a taxi service. Now the users of the people in the country can understand it. Recently, Beijing seems to say that the network is not legal, the development of technology. And supervision will always complement each other, it is two sides of a coin, no one can do without. When the Internet develops at a high speed, we also need to properly explain the position of our products and services to guide the opinions of some policy regulators. Because no license is now a perfect norm for cryptocurrencies, regulation is to be adjusted in the context of breakthroughs in new technologies, especially in the financial industry, where the United States is the largest financial market and we actively communicate with government agencies. Communicate and develop new rules. We are legally and compliant, and we are very active and proactive in solving problems.
Huobi information: The current cryptocurrency market is in a downturn. Why choose to go online at such a time node?
Fu Shengfang: First of all, I think this is a normal rhythm of the market. In the past years, Bitcoin has experienced a lot of ups and downs. If you look at the traditional stock market, the stock market has experienced a lot of ups and downs. You can enter the market at any time and enter. The market does not need a specific time. It is only a coincidence that we choose this time to enter the market and the market downturn.
Because when our strategic partners develop to such a large scale, there are many users to meet the needs, the online is a normal time schedule, there is no special reason, and we believe that the entire market is still developing, users are also increasing, we are based on users The needs come to be able to meet user services and products.
The Chinese are stressful. The danger in English is dangerous. The crisis is divided into two words. There are dangers and opportunities. In fact, it is still two sides of the coin. English has another expression for the crisis. “Two faces of a coin”, danger and opportunity Can not be separated.
Huobi information: What are the safety measures for HBUS? Can you tell us about the arrangement of HBUS on the wallet?
Fu Shengfang: We employ the best security experts in the world. Our system is the safest, and we have learned the experience and lessons of many other platforms to make our products the best. The wallet and platform together ensure the security of user assets.
Huobi Information: What do you think of the Fcoin trading mining model? How does HBUS face the ever-changing market challenges?
Fu Shengfang: Fcoin is a very good company in some services. I believe the industry is also very welcome. The feedback from users also reflects this. Everyone is welcome for products and services. However, our view is certain. Such services are provided within the national management system and supervision.
The increasing number of exchanges or the rapid changes in the market is a better opportunity for us. It is this that reflects the market’s activeness, reflecting the market’s demand is extremely rich and motivating us to grow. Since there are more innovative exchanges entering the market, the user base is increasing and the user base is getting better. This proves that our opportunity is very good and the growth space is very large. In addition, we welcome new product innovations and business model innovations, which are very positive feedback for us and can help us improve.
Huobi Information: Finally, I would like to ask Mr. Fu to talk about the expectations and vision of HBUS. Is there a time node?
Fu Shengfang: HBUS expects to be the largest, most user-friendly and safest cryptocurrency trading platform in the United States. I hope to use this opportunity to build our cooperation with ecosystems and partners. At the time node, we will complete the product launch and ecological construction in the second half of this year.