The US arm of the Singapore-based cryptocurrency exchange Huobi is reportedly launching fiat-to-crypto trading pairs, a move that comes after a year-long bear market has taken its toll on the crypto market’s trading volumes.
According to Finance Magnates, Huobi is set to pair the United States dollar against bitcoin (BTC), ether (ETC), and Tether’s USDT in an initial stage, and will add more pairs to its platform based on customer feedback, following a screening process.
USD #Fiat Trading Pairs are now available on the Huobi marketplace! Set up a USD wallet and receive 20 USDT. Trade USD/ETH, USD/BTC and USD/USDT! Sign up for the Huobi marketplace now: https://t.co/vHDjChNfKh pic.twitter.com/nPHAv6ozgR— Huobi US (@Huobi_US) February 5, 2019
The company is now supporting deposits and withdrawals at a $100 minimum for fiat currencies, thanks to a partnership with US-based financial institution Prime Trust, which specializes in custodian and escrow services for fiat transactions. Users who are to use Huobi’s crypto-to-fiat pairs will reportedly be required to open a custodial account with the firm, and go through know-your-customer (KYC) checks.
Huobi is one of the largest cryptocurrency exchanges by trading volume, and last month announced a mutual rebranding with its US strategic partner HUBS. As CryptoGlobe covered, HBUS licensed the Huobi brand and moved its retail trading platform to Huobi.com, while Huobi Global, the group’s main exchange, moved to hbg.com.
The exchange is also reportedly looking to launch its own stablecoin in the first half f this year. This, even though it already has a “stablecoin wrapper” called HUSD for better stablecoin management. It which PAX, USDC, TUSD, and GUSD.
The crypto exchange has been reported to be laying off some of its staff over the prolong cryptocurrency bear market’s effects. According to a report published by the South China Morning Post (SCMP), a company spokeswoman noted the company was “optimizing staffing,” and hiring people for its core business and emerging markets.”
Late last year, Huobi announced the first cryptocurrency exchange using EOS as a base currency. The platform, called Huobi EOS, was launched earlier this year in beta, with a few trading pairs.