Singapore-based digital asset exchange Huobi has announced that it will begin supporting XRP trading through its over-the-counter (OTC) exchange.
In a press release shared with CryptoGlobe, Huobi Global’s management noted that listing XRP was “part of [the company’s] ongoing service to the [cryptocurrency] trading community.”
Commenting on the new listing, Livio Weng, the CEO of Huobi Global, an organization that manages Huobi’s crypto trading services across multiple different countries, remarked:
In addition to serving as Huobi Global’s main onramp, Huobi OTC is also our main platform for users who prefer peer-to-peer (P2P) trading. It’s thus very important to our overall trading ecosystem. The addition of Ripple (XRP) is a big step forward in expanding our already extensive offering here.
As mentioned in Huobi Global’s official blog post, XRP trading is scheduled to launch on Huobi OTC “at 10:00 March 6 (GMT+8).” At present, Huobi OTC also supports trading with bitcoin (BTC), ether (ETH), tether (USDT), EOS, and Huobi Token (HT). In addition, traders using Huobi’s peer-to-peer trading services may use the exchange’s “comprehensive stablecoin solution” called HUSD.
HUSD Designed To Simplify Stablecoin Deposits And Withdrawals
Launched in October 2018, Huobi’s HUSD solution aims to make it easier for digital asset traders to make deposits and withdrawals using multiple stablecoins. These include Circle’s USD Coin (USDC), Gemini Dollar (GUSD), Paxos Standard Token (PAX), and True USD (TUSD).
Designed to “eliminate the need to use multiple different stablecoins,” stablecoin deposits in users’ accounts on Huobi are displayed in HUSD. As a way to also “save [transaction] costs when switching between stablecoins”, withdrawals can be made on Huobi’s exchange using any (listed) stablecoin a user may prefer.
Huobi Hires More Staff Despite Bear Market
As CryptoGlobe reported last month, the trading volume on Huobi Global, Huobi Group’s primary cryptocurrency exchange, had reportedly seen its trading volume double in 2018. This, despite the prolonged crypto bear market – during which the price of nearly all major digital assets fell by over 80%.
Per Huobi’s CEO and founder, Leon Li, the exchange operator’s success in the extended bear market was not limited to just high trading volumes. Huobi’s management also hired more personnel to help the crypto exchange company further expand its operations. Notably, the size of Huobi’s staff increased from 400 to 1.300. The crypto trading firm has also launched 15 additional business offices in the past year.
