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Huobi News

Huobi OTC Desk For Institutional Investors Is Officially Launched

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FO6E3842CAC44 - Huobi OTC Desk For Institutional Investors Is Officially Launched

The major Bitcoin exchange Huobi is in our latest cryptocurrency news for launching an over-the-counter (OTC) trading desk for institutional investors. According to an official blog post on May 15, the new Huobi OTC Desk (which is its name too) will be fully regulated by the Gibraltar Financial Services Commission (FSC) and is designed to enable major fiat-to-crypto and crypto-to-crypto trading pairs.

What’s different in the new Huobi OTC Desk is the OTC trading process which differs from the existing Huobi OTC retail products. It is designed under Huobi Technology, which is Huobi’s regulated OTC trading entity in Gibraltar. The existing OTC offering, on the other hand (otc.hbg.com), enables peer to peer (P2P) tradings under Huobi Global, as the firm officially clarified.

The Senior Sales Manager for Huobi Global, Jeff Adams, had the privilege to comment on the launch of the new Huobi OTC Desk which was featured in the coming altcoin news. As he said, this launch was driven by the demand from investors for large volume transactions, claiming that the company has seen a “unified need” for such services.

Adams spoke at a special Huobi meetup event held in New York. He also stressed the surge of interest by traditional traders who according to him,  “are still uncomfortable jumping into unregulated trading environments.”

Meanwhile, the Huobi OTC Desk was also presented as a platform that supports major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), as well as many fiat currencies including the US dollar (USD), British Pound Sterling (GBP) and Euro (EUR).

The launch of the Huobi OTC Desk follows the acquisition of a Distributed Ledger Technology (DLT) license from the Gibraltar FSC which was given in late 2018 – and which enabled the exchange to attract institutional investors so far.

Aside from the OTC desk launch, Huobi recently reported that its P2P OTC desk is now one of the most traded OTC platforms worldwide. With features such as OTC transactions in Bitcoin, Ether, EOS, USDT, XRP and the Huobi Token (HT), it was featured on many best cryptocurrency news sites.

OTC trading is definitely more than just a buzzword in the crypto space. Besides Huobi, Binance also reported that its OTC offering drove major profits during the first quarter of 2019.

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Huobi News

Huobi Plans To Launch Trading Of The Turkish’s Lira By 2020

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Huobi plans to expand in Turkey and wants to become the biggest international player that will launch trading of the Turkish Libra by 2020 as we are about to find out more in the Huobi news below.In a press release that was issued on October 18, Huobi explained that the first step towards the expansion of the Turkish market should go live by the end of this year. The exchange wants to strengthen its position in Turkey by acknowledging the prospective and active market in the country based on data about crypto ownership. There will be a dedicated outpost that will administer the company in Turkey with Turkish language support already live on the website. The CEO Livio Weng of Huobi Global commented:
 “Turkey is an important region for us, and we plan to bring Huobi’s six years of industry expertise, advanced ecosystem, and a standard of trust to the market, and trigger key conversations around long overdue for a thriving crypto community.’’
The first trading pair that will get launched will be against the lira and the Tether stablecoin. The most recent figures from February 2019, suggest that around 20 percent of the Turks now own cryptocurrency which is the highest proportion in Europe. According to the officials, the Lira is already among the top five most popular fiat-crypto trading pairs in the world. Despite this, the local infrastructure remains undeveloped and fiat crises make decentralized assets a very attractive option. According to the local news media outlet Coin Turk, the consumer will face strong uncertainty over crypto. The co-founder Onur Atam explained:
 “I do not think that any problems will be experienced until a law is made on this subject due to the principle of the regulation of taxes by law.’’
There will be no regulation in the tax legislation regarding transactions with virtual money but at the same time, this system is pretty unique. There is no other choice but to wait and see. Turkish consumers faced many hurdles in the past including the government's concerns about the cryptocurrency’s compatibility with Islam. However, Huobi plans to expand and the government also has some plans for a national blockchain strategy.
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Huobi News

Huobi’s Trading Market Shows Strong Results After Successful Token Burn

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Huobi’s trading market shows incredible results after the token burn as we are about to see more in the Huobi news below. The announcement shows that there were 11,332,100 Huobi Tokens burns for Q3 this year which has an approximate market value of $40.The latest burn represents a 70 percent year-over-year increase compared to the same quarter in 2018 and was prompted by the ongoing growth of Huobi’s spot trading and derivatives trading markets. The CEO of Huobi Global Livio Weng stated:
"Huobi Token plays a core role in the Huobi ecosystem. The continued growth from Huobi's token burns reflects the community's active participation and optimistic outlook for our efforts to provide users with new services, lower fees, and a secure platform to trade on.’’
According to the plan for the ongoing HT burn, Huobi allocates more than 20 percent of the Global and DM’s revenues to repurchase and burn the native token every quarter by reducing the total circulating supply of the token. In the previous quarter, Huobi Global bought back and burned 14,011,700 HT worth an estimated $53.6 million which is more than double from its major competitor which burned 808,888 tokens worth about $23.8 million during the same period. Weng believes that the strong performances of the company are because of the Huobi OTC Desk and Huobi DM platform’s success which recently surpassed the major competitors in the 24 hours trading volume despite having launched last year. Weng attributed the programs such as the newly launched all-star VIP Fee Structure and Prime which encourages the users to participate in the ecosystem.Up to this date, more than 30,000,000 HT have burned over the program which accounts for 13.8% of the total circulation. Wang added about Huobi’s trading market that this is only healthy competition. Huobi Group is consisted of numerous upstream and downstream enterprises and quickly became a global and popular blockchain company. The company was established in 2013, Huobi Global’s accumulative turnover surpassed $1 trillion. The company provides safety, secure and convenient digital asset trading and management to more than a million users in more than 130 countries.
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Huobi News

Huobi Global Allegedly Participates In Wash Trading, CEO Denies

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Huobi Global
Huobi Global, the giant crypto startup, was accused of participating in wash trading but the company’s CEO was quick to deny the allegations. In today’s altcoin news we take a closer look of the accusations.The chief executive Livio Wang stated that he took every possible action in order to discourage the questionable activities since wash trading does not ‘’adhere by Huobi’s core values.’’ The report published by Bitwise suggested that Huobi Global was registering more volumes than actually processed. The research from the investment company explained that the data on the exchange hints of an ‘’anomalous pattern’’ which makes increases in the ‘’large trade sizes.’’By the time Bitwise released its new report, the pattern disappeared which suggests there were some actors involved using Huobi’s platform. Weng of course denied and even stated that after a ‘’thorough check and review of the system’’ they did not find evidence of the pattern:
 “We did identify a few of our market makers conducting what we suspect may have been wash trading for the sake of performance and marketing purposes. We have already communicated with these market makers and they have discontinued the strategies in question.”
According to other reports, CoinMarketCap launched the Data Accountability and Transparency Alliance (DATA) earlier this year. DATA is basically a consortium of industry companies that want to bring the world ‘’better transparency, accountability, and disclosure’’ so you can read that:
“The overarching objectives of DATA are to: 1) Review, align, and enhance reporting standards across the industry. 2) Identify gaps, propose strategies and measures to enhance data accountability and transparency.”
Companies’ data suggests that crypto platforms are still reporting fake volumes. This is among the biggest issues in the crypto space. As noted in the best cryptocurrency news sites, the data from SimilarWeb- a website traffic provider, shows what we can expect with the exchanges in the near future.Less reliable exchanges or lesser-known ones have registered a huge amount of volume for a little volume and this had led to volume-to-site visit ratios of more than $25,000 compared to the $500 of Binance. It is likely that about 855 of all trading volume is fake and that we need improvement on the data integrity question.
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Huobi News

Huobi Australia To Be Subsumed Under The Huobi Global Canopy

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Huobi Australia To Be Subsumed Under The Huobi Global Canopy FILEminimizer - Huobi Australia To Be Subsumed Under The Huobi Global Canopy
Huobi's Australian subsidiary will apparently be subsumed under the global Huobi brand, according to an official tweet that made the featured news section on our DC Forecasts crypto news site. Eight months after the launch, the Australian subsidiary seems to be closing. The reasons for that come from a Facebook post published today, in which Huobi Australia cites that the market slump and the fresh redundancies are the reason for that.Even though Huobi's Australian platform was unveiled in July 2018 and described as "the move to Australia as a natural fit" it appears like the branch is closing. According to Huobi Australia's announcement:
“Please be informed that due to poor market conditions and associated recent staff redundancies here at Huobi Australia, all operations, including the management of our platform, social media channels and customer support will be managed by our team at Huobi Global headquarters starting 26th February 2019.”
The exchange also said that it is planning to add a fiat currency on-ramp and that it will retain solely its current coin-coin format. Therefore, it also decided to cancel the registration with the local regulator which is the Australian Transaction Reports and Analysis Centre - which is only required in cases of fiat on-ramps.Despite these redundancies and cessation of the Aussie operations, Huobi Global remains big, after reporting that it had seen 100% growth in worldwide trading volumes in 2018 compared to 2017. On top of that, the flagship brand reportedly expanded its staff from 400 employees in early 2018 to more than 1,300 people by 2019.
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