United States Crypto Platform Huobi.com Launches Fiat-Crypto Trading

Published on by Cointele | Published on

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Huobi.com, the United States-based partner of Singapore-headquartered crypto exchange Huobi, is launching fiat-crypto trading services, with initial support for three USD-crypto trading pairs.

Huobi.com is operated by HBUS, which launched as a strategic partner of Huobi Group - operator of the flagship Huobi Global crypto exchange - via a newly created San Francisco-based company "HBUS Holdco, Inc." last June.

Huobi.com's expansion beyond crypto-crypto transactions comes as other leading crypto exchanges are increasingly rolling out support for international fiat currencies - notably Binance, which launched a fiat-crypto platform in Uganda last fall, as part of a partially disclosed roadmap to launch a suite of crypto-fiat exchanges worldwide.

According to the press release, Huobi.com has launched U.S. dollar trading pairs with major cryptocurrencies Bitcoin, Ethereum and Tether, as well as support of USD deposits and withdrawals.

Fiat support is reportedly facilitated via a partnership with U.S. financial institution Prime Trust - a Nevada-registered chartered trust company that specializes in custodian and escrow services for fiat transactions and crypto assets.

As reported, the Huobi Group has recently revealed plans to launch its own stablecoin this year.

In October, the platform had launched support for four USD-backed stablecoins - which are designed to experience less price volatility than non-fiat collateralized crypto assets.

Notwithstanding unconfirmed reports of staff layoffs at the start of December, Huobi continues to pursue overseas expansion, most recently reopening its Japanese platform following an acquisition of local FSA-licensed crypto exchange BitTrade.

Huobi Global is currently ranked 17th largest crypto exchange on CoinMarketCap by adjusted traded volume, seeing around $232 million in trades over the 24 hours before press time.

Huobi is ranked 138th, with about $364,000 in trades over the same period.

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