Beginning February this year, Huobi will accept US dollar with three dominant virtual currencies: Bitcoin (BTC), Etherium (ETH), and Tether, provided that the exchange will not go lower than $100 dollars.
The US-based virtual currency trading market with main office in Singapore, Huobi.com, is opening an agreement with the three leading crypto trading market, thanks to its collaboration with Prime Trust, the financial institution that will assist the withdrawal and deposit services for the traders.
Frank Fu, Huobi’s top executive, expressed elation over the development, saying that when the partnerships have been solidified together with their traders, and standard regulations and policies have been established, they can give more ideal products and services to the public like exchange-traded funds (ETF) and the like.
Huobi.com is also readying up for more tie-ups with other crypto trading markets while upgrading its systems for Chinese clients for them to find the platform that is more user friendly.
As Fu aptly said, the platform is eyed to be the bridge between the US and China.
With this, Huobi could be able to exchange Chinese clients’ yuans for virtual currency and then exchange it to US dollar, especially that it is estimated that Huobi’s Chinese clients that run companies based in other countries could reach to 200.
The platform then helps ease their Chinese clients’ problem in transferring money since the Chinese government disallows its people from taking $50,001 a year.
10 million customers
But more than anything, the platform also wants to be fully compliant with all monetary regulations worldwide for the benefit of its more or less 10 million users globally.
As Fu said, the starting point will be the US since there are many monetary features here that they would want to also offer to their clients worldwide.
Huobi is the 17th largest crypto trader based on the CoinMarketCap Index.
Will this development be advantageous to Huobi? Send us your thoughts.
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