The major crypto exchange Huobi is officially launching the first licensed digital asset brokerage, Huobi Brokerage. As Huobi debuts it, we can see that it is the fifth largest crypto exchange by daily trading volume and will now provide brokerage service to its institutional clients, as a press release from January 21 showed.
The Huobi exchange said that this new brokerage branch is the first product launched under the Global Institutional Business (GIB) which is an institutional services-focused division established by it in November 2019.
One unique feature as Huobi debuts its Brokerage unit is that the platform will be able to connect with other exchanges as well as over-the-counter (OTC) desks. A spokesperson from the exchange confirmed this in the latest news and told media that Huobi Brokerage is integrated with other crypto exchanges and OTC platforms via smart order routing technology in order to improve the price execution and boost liquidity.
As Huobi debuts the crypto brokerage service, there is a total of six cryptocurrencies and stablecoins supported for block trades at launch. As the Bitcoin news now show, the service will initially support BTC as the only cryptocurrency in the broad sense. However, the rest of the coins will be represented by the Untied States-dollar pegged stablecoins.
The list includes the major stablecoin Tether (USDT) along with Paxos Standard (PAX) token, the TrueUSD (TUSD) stablecoin, Circle’s USD Coin (USDC) as well as the domestic stablecoin by Huobi known as HUSD.
Readers following the Tether news can see that USDT is leading the way in the list of stablecoins. However, as Huobi debuts the launch it also said that support for other major cryptocurrencies such as Ether (ETH), Ripple (XRP), Bitcoin Cash (BCH), EOS (EOS) and Litecoin (LTC) is expected to be available on the Huobi Brokerage by the end of January 2020.
The vice president of global business at Huobi Group, Ciara Sun, also commented on the launch and noted that institutional investors and high net-worth individuals will be the major contributors to growth in the crypto economy in 2020.
“By introducing institutional-grade products and liquidity solutions that cater to the needs of institutions and eliminate existing barriers, we’re aiming to help drive the entire crypto economy forward,” she concluded.
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