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Huobi.com, the US-based partner of Huobi, a Singapore-based encryption center, launches fiat-crypto trading services, with initial support for three crypto USD trading pairs. This development was revealed in a press release shared with Cointelegraph on February 5th.
Huobi.com is operated by HBUS, which was launched last June as a strategic partner of the Huobi Group – operator of the Huobi Global encryption system – through a newly established company based in San Francisco, HBUS Holdco, Inc. Following a brand change campaign and the adoption of the Huobi brand, HBUS.com migrated to Huobi.com in January.
The extension of Huobi.com beyond cryptographic-cryptographic transactions comes as other major cryptographic exchanges increasingly develop support for international fiduciary currencies – including Binance, which has launched a cryptographic fiduciary platform in Uganda. last fall, as part of a partially revealed roadmap following crypto-fiat exchanges around the world.
Banking institutions, for their part, are also beginning to facilitate fiat-crypto conversions internally, as was the case with the recent transfer of Falcon Private Bank to Switzerland.
According to the press release, Huobi.com has launched pairs of US dollars (USD) with the main Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) crypto-currencies, as well as the badumption of deposits and withdrawals. in USD (with a minimum of 100 USD). ).
Fiat's badistance would be facilitated through a partnership with US-based Prime Trust – a Nevada-registered trust company that specializes in depository and escrow services for fiat and cryptographic badets. Huobi.com users wishing to exchange fiat-crypto will be required to open a deposit account with Prime Trust, which will include the completion of Know-Your-Customer (KYC) identity verification checks.
As noted, the Huobi Group recently announced plans to launch its own stable newspaper this year. In October, the platform launched support for four USD secured Stablecoins, designed to handle lower price volatility than non-fi nancial cryptographic badets. Huobi also launched an aggregation solution for the four stable banknotes later this month.
Despite unconfirmed information regarding staff layoffs in early December, Huobi continues to expand overseas, recently reopening its Japanese platform following an acquisition of BitTrade's local encryption solution, under license from the FSA.
Huobi Global is currently ranked 17th in CoinMarketCap's cryptographic exchanges in terms of adjusted trading volume, with transactions worth approximately $ 232 million in the 24 hours prior to publication. Huobi (HBUS) ranks 138th, with transactions of about $ 364,000 over the same period.
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