Huobi decided to expand its market in the Western Hemisphere, therefore, US-based subsidiary Huobi.com launches a new fiat-to crypto exchange, which will operate in the USA.
Preconditions for launching the exchange
Creating a new platform sounds quite weird especially against the background of drastic downfall of cryptocurrency prices, which led to decrease in exchange volumes. Yet, Huobi, being in top three crypto exchange by 24-hour trading volume, seems not to care about it at all.
The company has recently announced a large-scale rebranding of his US strategic partner HBUS. Later, the company adopted Huobi brand and renamed itself into Huobi.com. Now Huobi.com is opened for American customers, and it also has started a partnership with Prime Trust not long ago. The latter is a Nevada-based trust company that provides services of withdrawal and deposits for the users.
With this partnership and the fact that other crypto exchanges are rolling out support for international fiat currencies, Huobi.com made a decision to grow up and go beyond crypto-crypto transactions.
What do you need to know about the platform?
Firstly, the company plans to add three major coins to the platform, these are Bitcoin (BTC), Ethereum (ETH) and Tether (USDT), they will be tied to US dollar. The listing of other pairs will depend on customer response.
Secondly, the exchange set minimum deposit and withdrawal limit, which is $100. Though the users are bound to register with Prime Trust in order to deposit USD to the exchange. The custodial account requires the completion of Know-Your-Customer (KYC) identity verification checks.
We want to remind you that Huobi plans to launch its own stablecoin in the first half of 2019. Singapore-based cryptocurrency exchange has already a substitute for stablecoin, namely HUSD; it supports four US-regulated stablecoins: Paxos Standard (PAX), True USD (TUSD), USD Coin (USDC), and Gemini Dollar (GUSD). Unfortunately, the report did not specify which currency the stablecoin will be pegged to.
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