Huobi eyes US expansion with launch of US dollar gateway for global traders

05 Feb, 2019
by Richard Allen
Huobi eyes US expansion with launch of US dollar gateway for global traders

Singapore-based cryptocurrency exchange Huobi has stated that it will spend 2019 prioritizing Wall Street partnerships, CoinDesk reports.

Huobi’s US-based sister exchange HBUS is gearing up for a major push into North America, starting with a partnership with Prime Trust to provide fiat deposits and withdrawal services for its exchange users.

Huobi will contribute by allowing USD-to-crypto trading for Bitcoin, Ethereum and Tether, with a minimum of $100.

Prime Trust’s CEO Scott Purcell said, “Huobi’s launch is very exciting. They are a great company and we are thrilled to work with them.”

Huobi CEO Frank Fu said this partnership was just the beginning, and that the company is already working on others.

“Once we establish partnerships with our institutional clients and put in place the required regulatory and compliance structure, we should be able to offer innovative products and financial services to larger audiences, such as … potential ETFs and derivatives,” he said.

Houbi also has plans to add dozens more cryptocurrencies to the platform like Bitcoin, Litecoin, Ethereum, Ethereum Classic, Bitcoin Cash and Tether. Megan Monroe-Coleman, Huobi’s US-based Chief Compliance Officer, said:

“We developed a comprehensive due-diligence process to review new token projects. … We’re really excited to increase both the volume of tokens and the uniqueness of those assets.”

Read more: XRP derivatives available from Huobi "in the very near future"; Huobi recorded $483M trading commission in 2018, exceeding Binance and OKEx

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