The Over-the-counter (OTC) branch of the Chinese crypto exchange Huobi has officially added support for Ripple (XRP) and the company announced the news in their latest press release that we got our hands on and we are sharing it with you in our digital currency news below.
XRP joins the group of cryptocurrencies including Ethereum (ETH), Bitcoin (BTC), Tether (USDT), EOS (EOS) and the Huobi Token (HT) in the long list of tokens that are supported on the Huobi OTC trading platform.
According to the information on the company’s website, Huobi OTC wants to offer a closure between fiat currencies and digital assets since the platform serves as an escrow to all of those users who buy or sell ads on the platform.
The CEO of Huobi Global Livio Weng was quoted in the press release saying that the Huobi over-the-counter platform is important for the company since it is the main platform for users that actually prefer peer-to-peer trading.
Huobi Global is number eight on the list of largest crypto exchanges by trading volumes per day reaching up to $738 million in trades to the day of the press release. As previously reported as a part of the analysis of the crypto OTC desks, there is an increase in the way of how institutional investment is seen as the future of crypto trading after Binance launched their own OTC desks with other crypto platforms following. For example, South Korea’s largest crypto exchange Bithumb was one of the platforms that also launched an OTC trading desk back in February.
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“By using Coinify, we are not running into the knife. It is still not clear to me how blockchain is any better than other database technologies. The transactions are so far more expensive and slower than a normal payment method. Decentralization brings only cumbersome improvements. None of the blockchains scale enough. But maybe I have not invested enough time and therefore understand too little how the blockchain ecosystem works.”Herren said that the decision comes after the prolonged bearish correction on the market where most of the crypto assets lost nearly a third of their value. Despite the fact that investors didn’t really get scared of the decline in prices, institutional adoption is still uncertain regarding making more profits. For example, back in 2018 in June, the Expedia hotel booking platform deleted Bitcoin out of their options and in the same year couple of months back, Reddit also stopped accepting cryptocurrency for its gold membership plans. Years back, Bitcoin became popular because of its attractiveness as a cheaper alternative for expensive payment processors. But as the technology got more popular, the network was unable to handle a higher number of transactions such as Visa or MasterCard and that’s why retailers didn’t choose crypto for making transactions. The Swiss retail giant brings bitcoin back into the retail game. However, traders who are into crypto or those who just hold on to it for better days can now use their coins to purchase something from the retail platform.
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