March 6, 2022
By Priyanka Shetty
Hong Kong-listed virtual asset platform Huobi Technologies has announced the launch of Huobi OTC Desk during a special Huobi meetup event in New York City. Huobi OTC is a fully regulated service built on Huobi’s Gibraltar FSC-issued Distributed Ledger Technology (DLT) license.
Here’s what we know:
- Huobi Technology now allows investors to trade crypto via OTC using crypto block trading services and fiat currencies like the U.S. dollar. The firm plans to expand it to the euro, the British pound and the Hong Kong dollar in the near future. However, for the moment, the only acceptable fiat currency is the US dollar.
- 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. 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”. Further, the key advantage of Huobi OTC Desk is that it is not intended for users in the United States.
- Huobi, the world’s sixth-largest cryptocurrency exchange, already has a strong presence in the crypto industry. Transactions on the Huobi exchange amount to more than $1.6 billion and Huobi Token has a market cap of almost $2 billion as well. The OTC services will now access more mainstream non-crypto audiences than ever.
About the author
Based in Bengaluru, Priyanka Shetty is a freelance writer for Blockchain Asset Review.