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Huobi Intends to Open Fiat Gateway with Lira-Tether in Turkey

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Huobi

Huobi

The cryptocurrency space has come a long way over the past five years, and one of the more important members of a growing ecosystem has been the global crypto exchange Huobi. The company has done a lot to increase awareness about the crypto sphere and in turn, has been one of the biggest contributors towards the current popularity of crypto.

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In a new development, Huobi announced that it is on the verge of launching a new fiat gateway for a customer in Turkey. It will open as many as 250 crypto tokens for users in Turkey instantly, and it seems that this is in response to the latest crypto framework that is being put forward by the country.

The crypto ecosystem is already functional in Turkey, and people in the country already hold crypto tokens. However, this particular move from Huobi will make it possible for the company to swiftly satisfy all the requirements of the regulatory framework in Turkey. The company is going to unveil its new fiat gateway in Istanbul at the Eurasia Blockchain Conference. Huobi has been looking to enter the Turkish market for some time, and the company revealed in June that it was exploring ways to enter the new market.

>> Bank of Canada Exploring Possibility of Launching a Digital Currency

Mohit Davar, the company’s regional president, stated that Huobi has been working with one of the leading banks in the country in order to build the fiat gateway. However, he refused to divulge the name of the bank in question. He stated that the company had been in talks with the bank and is working on the biggest concerns voiced by the powers that be. Davar said, “I think generally where there is not a clear regulatory framework in the market, it’s been left to the discretion of the banks to make their own decision.” It is a major new step for Huobi and one that is going to be closely watched by the market.

Featured image: DepositPhotos © Piter2121

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Partnership with Stable Universal & Paxos

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Huobi

Huobi

There are plenty of crypto exchanges in the world, and some of them operate in the stablecoin system. As per the stablecoin system, cryptocurrencies are traded in stablecoin pairs, and Huobi (HT) is such an exchange—or rather, it was, until its most recent announcement.

The company has now announced that its HUSD token will no longer be used in the form of a stablecoin system; instead, it is going to be turned into an ERC-20 token. The ERC-20 token is going to be built in partnership with Stable Universal Limited and Paxos Trust Company, two startups in the crypto space. The press release in relation to this particular development was published on July 17.

Huobi has pointed out that the ERC-20 HUSD Token is going to be backed by the United States Dollar, and the token will be held securely by Paxos. Paxos is a company that is regulated by the New York State Department of Financial Services and, because of this, is 100% secure.

Last but not least, it is important to note that the token will be listed for the first time on the Huobi platform. The change in the system inside the Huobi exchange will take place gradually over the upcoming days. Stable Network will also be involved with third parties and create smart contracts.

>> Altcoins Recovering: Ethereum (ETH) and Ripple (XRP) Lead Crypto Higher

Burning 14 Million Tokens

However, that is not all. Earlier on this week, Huobi (HT) had also announced that it was going to regulate the supply of Huobi Token by burning as many as 14,011,700 tokens. That being said, it is important to note that a burning event is a quarterly event that is performed by the company in order to keep the supply of the token stable.

At the time, when the burning was done, the total supply of Huobi Token stood at 310,318,300. The totality of the burned tokens, however, rose by as much as 116% from the previous quarter and the company attributed it to improvement in market conditions at this point.

Featured image: DepositPhotos © kentoh

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Huobi US to Cease Operations After Underwhelming Year

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Huobi

Huobi

HBUS, the US-focused partner exchange of Huobi, will cease operations on December 15 after less than 18 months in business amidst strong competition among crypto exchanges in the US.

HBUS has said it is no longer accepting deposits and while all other services will cease on December 15, customers have until January 31 to withdraw their remaining assets. The announcement comes just a month after Huobi announced that it will freeze all US accounts on its main Singapore-based exchange and push them to HBUS in order to be regulatory compliant.

A blog post from Huobi over the weekend read as follows: “Dear Customer, we regret to inform you that HBUS will need to cease operations so that it can return in a more integrated and impactful fashion as part of its ongoing strategic layout.” The exchange had been rattled in recent weeks by a number of key departures, including Oren Blonstein, who took over the CEO position in September but left the company in December. The previous CEO was Frank Fu, who is now a managing director at Fenbushi Capital.

The most significant factor in Huobi’s US departure was the increased competition in the area of crypto exchanges. With Binance.US making forward strides and the recent launch of Bakkt bringing in more institutional investors to the world of crypto, Huobi had struggled to generate any serious trading volume. Current volumes have dropped to around $220,000 USD per day, a rock-bottom level more suited to a small-scale exchange. HBUS trading for altcoins had dropped to almost non-existent levels, and it did not even have a significant Bitcoin (BTC) market.

>> Ripple is All Set to Boost Financial Inclusion Globally

The decision by Huobi to end US operations could be good news for the likes of Binance.US and Bakkt. Binance’s American arm only launched in September but already carries nearly $3 million USD in volumes while Bakkt has just rolled out its cash-settled futures and is picking up in volume after a slow start to life.

Featured Image: DepositPhotos © yana-komisarenko@yandex.ru

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Huobi to Freeze All US Accounts and Push Users to New Platform

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Huobi

Huobi

Huobi, the popular Singapore-based crypto exchange, has announced that it will freeze all US accounts by November 13 due to the particularly stringent regulatory environment that has forced the exchange to prohibit US users.

Huobi Pushes Users to New Independent Platform

In a blog post from the exchange published over the weekend, Huobi has said that its user agreement expressly prohibits US-based crypto traders from using the platform in line with the laws and regulations of the US. The accounts of those users have been gradually disabled in order to prevent any further trading, and traders have been advised to return their borrowed funds in margin trading and withdraw all assets balance. Customers can receive their funds in Bitcoin or USDT, and Huobi also pledged to refund points card purchases at a 1:1 ratio in USDT.

However, this does not mean the end of Huobi in the US. The exchange has advised its users to begin using its “exclusive U.S. strategic partner,” the San Francisco-based HBUS, a platform dedicated to serving US-based customers. HBUS functions in a similar manner to Binance.US, which launched in September, in that it essentially provides the same service as its parent company but operates independently of it, and is authorized for use in the US.

>> Stellar (XLM) Soars 18% as 55 Billion Tokens are Burned

Huobi Token Jeopardised

The closing down of its US accounts could throw Huobi’s native digital asset, the Huobi Token (HT), into jeopardy. As Huobi deprives US citizens of using its platform, it is also preventing them from investing in its coin. Closing such a vast market could affect the value of its cryptocurrency. HT was originally intended to be a stablecoin, backed 1:1 with the US dollar. However, the exchange now says that the coin will be an ERC-20 token, meaning it is built on the Ethereum blockchain.

In order to regulate the supply of HT, Huobi has “burned” over 14 million tokens, bringing the total supply to 310,318,300.

Featured Image: DepositPhotos © yana-komisarenko@yandex.ru

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