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Huobi Korea announced blockchain consortium Muzika

Huobi Korea, a subsidiary of the world’s third largest crypto exchange platform Huobi Global, has officially announced that blockchain consortium Muzika will be the first project to be single-listed on its cryptocurrency trading platform. The MZK token is the digital currency for blockchain project Muzika. The opportunity to be listed exclusively on the Korean trading platform is intended to provide the focused support necessary to ensure continued growth for the promising project.

Huobi Korea selects only the most promising Korean blockchain projects for exclusive listing opportunities on its trading platform. According to Huobi Korea’s CFO Lee Sang Wook, Muzika was selected because he “firmly trusts that Muzika is a well-prepared project in all aspects- including content, team capacity, technology advisors and investors… I expect Muzika to become the first real use-case for blockchain technology with mass user adoption.”

Huobi Korea’s listing announcement is especially notable because it will mark the active and independent expansion of Huobi Global’s strategic arm in Korea. As of October 2018, Huobi’s restructuring has resulted in the merging of Huobi and HADAX under the name Huobi Global. Huobi Global is well-known in the blockchain world as the world’s third largest cryptocurrency exchange that facilitates upwards of $1 billion in digital asset trading daily.

Huobi Korea’s launch in March 2018 is indicative of a dramatic shift in Huobi Global’s approach to portfolio management for South Korean projects.  In practice, this means that while those projects listed on Huobi Pro and HADAX are available to trade on Huobi Korea, those projects listed on Huobi Korea are exclusive to the new launch on the Korean arm of the trading platform. Huobi Korea will focused on providing the best trading environment for Korean crypto investors and projects.

Huobi Korea’s decision to provide exclusive listing access to Muzika is intended both to ensure of the success of the listed Muzika project as well as foster the strategic development of the company’s launch into South Korea. In an industry where it has become increasingly difficult to separate the unicorn projects from the dunces, the new collaboration between the two companies signals Muzika’s potential to move from whitepaper to use-case with mass adoption.

Oliver Smith

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