Cryptocurrency exchange Huobi has set its sights on re-entering the U.S. market, according to the company’s co-founder Du Jun.

In an interview with CNBC, Du noted that the Seychelles-based company may eschew launching a U.S. crypto exchange in favor of targeting different areas such as asset management.

“I expect asset management to be a bigger business than exchange, which echoes the traditional finance market as well,” Du said. “I don’t think exchange is a necessary element for entering the U.S.”

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Huobi first entered the U.S. market in 2018, but the venture was short-lived, with the exchange ceasing operations the following year.

“We quickly withdrew ourselves because we didn’t have a strong commitment to the market at that time and we didn’t have a good management team in the U.S.,” explained Du.

Huobi’s international expansion

With more than $2 billion in trading volume over the last 24 hours, Huobi is currently the sixth-largest crypto exchange, according to CoinMarketCap.

The company has gone through some testing times though; last year it was forced out of China, following the country’s crackdown on the crypto industry.

According to Du, exiting China cost Huobi about 30% of its revenue—but it also gave the company impetus for its international expansion.

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“We have no other choice but to use our full strength to go forward in our global strategy,” Du said.

Aside from the U.S. market, Huobi is also exploring a possibility of setting up a headquarters in Europe, he added.

While Du did not specify which business Huobi will launch first if and when it makes a return to the U.S. market, the company already owns an asset management unit listed in Hong Kong.

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