In a positive move, the San Francisco-based partner of Singapore-based cryptocurrency exchange Huobi announced on Tuesday that it is launching the trading of fiat-crypto trading services, with initial support for three USD-crypto trading pairs, according to a report by Cointelegraph.
After the rebranding exercise, the domain name Huobi.com is being used by HBUS. HBUS entered into an a strategic partnership with Huobi Global in June and this latest move is aimed at bringing the Huobi brand to the US by rebranding its retail trading platform to Huobi.
As per Cointelegraph’s report, this latest move by Huobi to expand beyond crypto-crypto transactions comes after reports of other exchanges which are rolling out support for normal fiat currencies.
It’s not only that crypto exchanges are making their moves; banking institutions are also beginning to facilitate fiat-crypto conversions. One such example is the recent move from Switzerland-based Falcon Private Bank. Last month, the bank announced that it has introduced direct transfers of selected cryptocurrencies for both private and institutional clients.
Private users private as well as institutional clients can now directly transfer cryptocurrencies to and from Falcon wallets, as well as convert them into fiat money.
According to the press release, Huobi.com has launched USD trading pairs with major cryptocurrencies Bitcoin (BTC), Ethereum (ETH) and Tether (USDT), as well as support of USD deposits and withdrawals.
In another development last month, the crypto exchange revealed plans to introduce its own stablecoin this year. Speaking about the launch of stablecoin, Chris Lee said, “2018 brought us huge challenges but I’m personally optimistic about the crypto market. I do think we’ll see things get better this year. This year will be huge for stablecoins and we will be a part of that. Likely Huobi Group will launch its own stablecoin in 2019 in the first half of the year.”
See Also: Huobi surpasses Binance & OKEx after recording $483M trading commission in 2018
Huobi preparing ground for its own stablecoin, launch expected before June
Image via Shutterstock
Join our Telegram group