Huobi Group, the operator of the third largest cryptocurrency exchange in terms of 24-hour trading volume, has selected five partners to launch cryptocurrency exchanges in five countries through its recently launched Huobi Cloud, South China Morning Post reported.

Huobi is partnering with Yatai International Holding Group, Vnesheconombank, Chi Fu Group, Asia International Finance Holdings, and Dbank Group to open new cryptocurrency exchanges in the Philippines, Russia, Taiwan, Indonesia, and Canada, respectively.

“Together with Huobi Cloud’s corporate partners, we can offer a lower barrier for emerging economies to enter and participate in the burgeoning blockchain ecosystem,” David Chen, a senior business director at Huobi, said.

Huobi Cloud will enable the corporate partners to easily set up OTC and currency exchanges and tap into Huobi’s order integration system, wallet system, asset management and clearing system, NXT Alpha explained. Additional independent crypto exchanges launching through Huobi Cloud include:

• Huobi Digital Asset Exchange in Manila on August 12
• Asian Digital Asset Exchange in Bali on August 22
• Shubao Digital Asset Exchange in Taiwan on August 26
• Huobi Russian Digital Asset Exchange in Moscow on September 3.

In July, Huobi announced the commencement of trading on its Australian platform, Huobi Australia. In the same month, HBUS, the exclusive U.S. strategic partner of Huobi also went live in the U.S. with 20 trading pairs.