Huobi Launches Its Fiat-Crypto Trading Services Supporting Three USD Pairs

The United States partner of Singapore-based crypto exchange Huobi is officially launching its fiat-crypto trading services by supporting three USD crypto trading pairs according to the official press release that reached our cryptocurrency news today.

Huobi’s expansion over crypto to crypto transactions comes just as some of the leading crypto exchanges are providing massive support for international fiat currencies such as Binance launching a fiat-crypto platform in Uganda last year as a first stage of the roadmap to launch multiple crypto-fiat exchanges around the world.

Banking institutions are also looking to facilitate fiat-crypto conversions since Switzerland-based Falcon Private Bank did the first step.

Huobi has launched USD trading pairs with major cryptocurrencies such as Bitcoin but also Tether and Ethereum as well as provided support for USD deposits and withdrawals. Fiat support is facilitated after a partnership with the US Prime Trust which is a Nevada-registered trust company that specializes in custodian services for fiat transactions and crypto assets. Huobi users who want to trade fiat-crypto should first open a custodian account with Prime Trust which requires the KYC protocol.

The Huobi Group also revealed plans to launch its own stablecoin in 2019. The platform has previously expressed support for four USD-backed stablecoins that aim to experience less price volatility after they also launched an aggregator solution for all of the stablecoins as well.

Many reports show multiple layoffs since December last year at Huobi but the company seems to pursue its expansion by primarily opening its Japanese platforms after the acquisition of BitTrade.

Huobi Global is ranked as a 17^th largest crypto exchange by trading volume with more than $232 million in trades over the past 24 hours.