Li Lin, CEO of Huobi, watches the flickering numbers on the trading screen with a smile. As a leading pioneer in China’s Bitcoin exchange market, his journey reflects both ambition and resilience. Back in the winter of 2008, this determined young graduate from Hunan felt inspired by the booming social media trend and decided it was time to create something meaningful. “After all, I was an idealistic young person with a dream,” Li recalls with a laugh.
Choosing the Road Less Traveled
For many, landing a job at a major firm like Oracle with an annual salary of several hundred thousand RMB would be a dream come true. But for Li Lin, a Tsinghua University automation graduate, it wasn’t quite the opportunity his parents had hoped for. While most of his classmates entered the finance industry in 2007, Li chose a different direction—IT.
“Oracle wasn’t the popular choice back then. In my cohort, only two of us joined tech companies,” he remarks. Despite this, his experience at Oracle proved invaluable, teaching him crucial lessons in team management and operations.
The First Venture: Lessons from Failure
Known for his upbeat and cheerful personality, Li began feeling restless by late 2008. Corporate life, with its predefined roles, didn’t offer the challenge he craved. Inspired by the rise of social networks like Renren and Kaixin, he envisioned a platform that used interpersonal connections to solve everyday problems—such as finding a doctor through mutual contacts.
In June 2009, he launched “Friendship Network.” Although the idea showed promise, the venture struggled without a clear revenue model. Within a year, the site had attracted only about 70,000 users, and the initial investment of 100,000 RMB from three founders was nearly lost.
Reflecting on this, Li says, “We were passionate, but passion alone can’t change the world. I consider it like getting an MBA for 100,000 RMB—pretty worthwhile, actually.” The experience taught him the importance of selecting a business model that is both focused and profitable.
Pivoting to E-Commerce
As Friendship Network wound down, Li was already planning his next move. The group-buying trend was taking off, and he identified a need for a comparison platform to help users navigate different deals. In June 2010, he launched “Renren Zhe.”
This time, the venture was financially viable from the start. The site earned its first advertising revenue—300 RMB—within a month, and user numbers grew rapidly. Li handled everything from tech and sales to customer service, working long hours with relentless energy.
“It was exhausting but incredibly fulfilling. We were growing fast,” he notes. Renren Zhe soon became the second-largest player in its niche and even secured angel investment. However, as the group-buying trend faded, so did the opportunities for comparison sites.
Li realized that although the business was profitable, its growth was limited by its dependence on a single industry. It was time for another change.
Discovering Bitcoin and Founding Huobi
During a gathering with friends in 2011, Li first heard about Bitcoin. Intrigued, he spent that night researching everything he could find about the decentralized digital currency. He joined discussion groups, invested in Bitcoin, and grew fascinated by its potential.
By late 2012, with the group-buying market in decline, Li spotted a new opportunity. Users in Bitcoin forums often complained about slow trading platforms and poor user experience. Although several exchanges already operated in China, Li believed he could deliver a superior service.
On September 1, 2013, Huobi launched as “China’s most professional Bitcoin trading platform.” Its announcement of permanent zero trading fees attracted widespread attention and forced other platforms to follow suit. “We were the dark horse of the industry,” Li says proudly.
Huobi focused intensely on user needs: security, speed, stability, and service availability. The company invested over RMB 5 million in servers and security and built a dedicated team of more than 50 professionals.
Today, Huobi handles over 200,000 Bitcoin trades daily, with transaction volumes exceeding RMB 1 billion. It dominates more than half of the global Bitcoin exchange market.
Staying True to the Vision
“I’ve always been someone who strives for perfection,” Li says. Despite setbacks, his goal remains unchanged: to change the world through technology and provide exceptional service. “We are committed to making trading accessible and seamless for everyone.”
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Frequently Asked Questions
What inspired Li Lin to enter the Bitcoin industry?
Li first learned about Bitcoin in 2011 and was captivated by its decentralized nature. After identifying gaps in existing trading platforms, he founded Huobi to offer a more secure and user-friendly experience.
How did Huobi become a major global exchange?
By prioritizing user needs—eliminating fees, enhancing security, and ensuring platform stability—Huobi quickly grew its user base. Strategic investments in technology and team expansion also played key roles.
What lessons did Li Lin learn from his early ventures?
His first startup taught him the importance of a viable business model. The second showed that even profitable ventures can be limited by market trends. Both experiences emphasized resilience and adaptability.
What is Huobi’s approach to innovation?
Huobi focuses on continuous improvement in security, performance, and service quality. The team values user feedback and strives to anticipate market needs.
How does Huobi ensure security for its users?
The platform invests heavily in advanced security infrastructure and monitoring systems. A dedicated team works around the clock to safeguard user assets and data.
What motivates Li Lin as an entrepreneur?
Driven by a vision of meaningful change, Li believes in striving for excellence. He values tenacity and aims to build products that make digital trading accessible to all.