Huobi Group has officially announced the launch of Huobi OTC Desk. It’s a fully regulated service which is built on Huobi’s Gibraltar FSC-issued Distributed Ledger Technology (DLT) license.
The OTC desk is separate from the peer-to-peer OTC Huobi platform and is targeted at high net worth individuals, high volume crypto traders and institutional investors. To have an opportunity to use the desk you need to meet the requirement related to the minimum size of holdings which should be US$100,000 or equivalent.
Via the new service, its users will have a possibility to conduct both crypto-to-crypto and fiat-to-crypto transactions. It supports transactions those made in US dollars (USD), British pound sterling (GBP), and euros (EUR) made for Bitcoin (BTC), Ethereum (ETH), and a range of other cryptocurrencies.
Speaking about their new platform, Jeff Adams, Senior Sales Manager for Huobi Global, said:
“We see a lot of appetite out there from players in more established financial markets when it comes to digital assets but many are still uncomfortable jumping into unregulated trading environments.”
“We also see an unfilled need for services aimed at those looking to make large volume transactions. Huobi OTC Desk is a big step forward to filling both of those needs,” added he.
The launch of Huobi OTC Desk will help Huobi to make a significant step towards becoming a full-service market facilitator in the sphere if crypto asset trading. For many years, OTC used to be a key choice for investors and traders in the traditional finance world. And now such services boast popularity among professional, institutional, and high net worth clients in the crypto industry.
The main peculiarity and advantage of Huobi OTC Desk is the fact that it’s a service that is provided by Huobi Gibraltar. And in its turn, Huobi Gibraltar is known to be one of the first entities being granted with a license under Gibraltar’s purpose-built DLT regulatory framework.
The announcement was made on May 14 in the framework of the “Breakfast with Huobi” meetup held in New York City. The executives from Huobi Group also shared some other updates and future plans for the development of their ecosystem.
It has also become known that the company’s stablecoin HUSD that is pegged to US$1 and backed by a market basket of other stablecoins is being upgraded to HUSD 3.0. As a result, it is expected that a number of new features including futures trading and lending will become available.
What Other Exchanges Offer
Though the launch of its own OTC Desk is a milestone for Huobi, it’s important to note that the company is not a pioneer in this sphere. A number of other major crypto exchanges have already introduced similar services to its users. Among them, we can mention Coinbase, Bittrex, Coincheck and Bithumb.