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It’s Official: Huobi Launches The HUSD Stablecoin

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In the latest cryptocurrency news, we have one of the most popular exchanges in Singapore, Huobi, with a new initiative to launch its own multi-stablecoin named HUSD – as a stablecoin that would be usable to trade Bitcoin and other altcoins whenever stablecoins are accepted.

The new stablecoin by Huobi supports four major stablecoins including the Gemini Dollar, Paxos Standard, USDCoin and True USD. Its function will be simple – users will be able to instantly have an equal value of any of the above by holding HUSD.

The launch was made official at a small event in New York called ‘The Stablecoin New York Conference’ where the General Counsel at Huobi, Joshua Goodbody, spoke at moderate length about the efforts of his firm.

As he stated:

“We believe the recent developments of stablecoins are positive for the industry and Huobi decided to support these developments proactively by launching HUSD. HUSD acts as a stablecoin aggregator. We provide the ability to deposit any of the four supported coins as HUSD and receive a 1:1 balance of HUSD which can be stored as well as traded against six pairs on Huobi Global. Users are also able to withdraw HUSD as any of the four applicable stablecoins.”

However, it seems that Goodbody misspoke the available pairs for HUSD which are BTC, ETH, EOS and USDT – traded directly against it and not as part of it.

The HUSD stablecoin, as presented, reduces the trading fees for traders dealing with several types of markets. Since there is no exchange that lists every token and opportunity all of the time, the movement between exchanges is necessary.

 

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Stefan is a full-time member and has been a Bitcoin Specialist for over 6 years. Providing daily news and updates for DC Forecasts.

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Huobi News

Huobi Debuts Its Brokerage Service, Supporting BTC And Five Stablecoins

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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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Huobi Joins Turkish Blockchain Platform To Boost Local Ecosystem

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The major cryptocurrency exchange Huobi joins the new Blockchain Turkey Platform with a main aim of cooperating with local players on blockchain efforts. As we can see from the latest Huobi news, five months after entering the Turkish market the exchange joins this new platform as a 'Platinum' member.The announcement from January 15 shows that Huobi is active in the market. Founded by the Turkish Informatics Foundation in 2018, the Blockchain Turkey Platform (BCTR) is an independent, non-profit organization aiming to create a healthy blockchain ecosystem in Turkey. The platform has members from banking and finance as well as venture capital firms, and members from technology and crypto industries.As Huobi joins the Turkish blockchain association, it also becomes the first global exchange to become a member of BCTR, the press release notes. According to the General Manager of Huobi Turkey, Alphan Gogus, they all believe in the importance of maintaining blockchain-driven development together.
"We support BCTRs vision to secure Turkey's regional leadership in a decentralized system," he summarized.
For those of you who haven't been following the blockchain news, it is important to note that Huobi's Turkey efforts began when the company announced the establishment of a local office at the Eurasian Blockchain Summit last October. This was the time when the crypto exchange brought a lot of experts to the event, signalling their desire to support Turkey's blockchain efforts.Gogus also told the media that they are looking forward to cooperating with the Blockchain Turkey Platform via Huobi University. Now that Huobi joins BCTR, we can go back to the exchange's statement at the event which read:
"Huobi supports the growth of crypto and blockchain ecosystems globally. Turkey has the potential to become a pioneer in blockchain technology, both regionally and globally. By joining The Blockchain Turkey Platform, which drives local efforts in a cross-industry approach, we aim to exchange our global expertise and knowledge with key local players to boost the blockchain ecosystem."
BCTR is seen as a union which creates a multidisciplinary environment and enables key players from different industries to speed up the adoption of blockchain in the country.
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Huobi News

Huobi Partners With UAE Real Estate Firm, Enabling Crypto Payments

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The major crypto exchange Huobi partners with UAE real estate firm in the United Arab Emirates mainly to allow real estate investors to pay in cryptocurrencies. As the Huobi news now show, the Singapore-based exchange has entered the partnership with fam Properties, a tech-driven real estate agency that is based in Dubai.As seen from the announcement shared by the UAE business publication AMEinfo.com, the main goal is to offer crypto payment options for its real estate investors. Specifically, the update will enable fam Properties to accept payment in cryptocurrencies like Bitcoin (BTC), Ether (ETH), XRP as well as other major cryptocurrencies including stablecoins.While Huobi partners with the UAE real estate firm, the officials note that this partnership is mainly oriented in simplify investing in the country. Also, analysts in the cryptocurrency news say that the move will provide the market with more value, according to the CEO Feras Al Msaddi. He said:
“This partnership will provide our clients immense opportunity and the ease of investing in prime locations in the UAE. Cryptocurrencies are becoming an increasingly popular payment method all over the world, and this added choice will increase our property transactions and bring more value to the real estate market here.”
There is still an update expected by the firm and its plans when it comes to tackling the volatility linked to crypto markets. What's certain is that Huobi is legally compliant and licensed by Dubai Multi Commodities Centre (DMCC), an infrastructure provider for expanding commodities trading in the country.
"If someone wants to buy property and use crypto as a payment currency, then we will help facilitate that transaction and sell their cryptocurrency and make the payment to fäm in fiat currency,” said Mohit Davar, the co-founder of Huobi's over-the-counter (OTC) trading tesk at DMCC.
Davar continued, stating that the firm will provide fam Properties with liquidity and resources to facilitate virtual money payments for customers. According to reports, Huobi's OTC desk supports fiat currencies such as UAE dirhams, United States dollars, British pounds and Euros.Meanwhile, there has been a boom in the real estate market in UAE and more people are now embracing emerging technologies like blockchain and associated digital assets.
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Huobi News

Huobi Indonesia Launches Rupiah To Tether (USDT) Trading

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The cryptocurrency exchange Huobi is all over the cryptocurrency news now and today, we are talking about one of its Asian branches. Huobi Indonesia is launching a fiat gateway which will help it enable fiat-to-crypto trading between the Indonesian Rupiah (IDR) and Tether (USDT).As a press release from December 27 shows, the Huobi Group officially announced the launch of the new fiat currency gateway which will make it possible for Indonesian investors to utilize the IDR and trade more than 250 cryptocurrencies available on Huobi Indonesia, its subsidiary.The senior director of Huobi Cloud David Chen talked about this and said:
"The new fiat gateway is part of Huobi's global expansion strategy and reflects our ongoing commitment to working with strong local partners in key markets across the globe [...] By continuing to add new fiat/crypto pairs for Huobi Cloud 2.0, we want to make it frictionless for investors anywhere in the world to trade digital assets on a trusted and proven platform."
As it stands, Huobi Indonesia plans a lot and considers that particular market as a “major opportunity to contribute to the growth of the greater blockchain community and help drive crypto adoption globally.” The CEO of Huobi Indonesia Xiong Dan added that the new fiat gateway is an "exciting milestone" for the Huobi team in the country. “We will continue to expand the Indonesian market, consolidate and improve service quality,” he said.What is evident now in the Huobi news is that an expansion is on. This first began with the move to Turkey and the localized web and app versions of the platform. At the time, we reported that Huobi is planning a fiat onramp for the Turkish Lira by the end of the year.As of recently, the cryptocurrency exchange also completed its executive pursuit in Turkey and appointed Alphan Gogus (a known veteran in crypto and finance) as its new general manager for its Turkish branch. At the launch, the regional president of the Huobi Group Mohit Davir talked about how important hiring a leader is for establishing a milestone like this, adding that "Huobi will continue to build their team in Turkey."
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