Huobi Token
$4.51 -2.51%
HT · 34w

Huobi Debuts Crypto Brokerage as Its Institutional Arm Grows 400% Since Q3 2019

Major cryptocurrency exchange Huobi is launching its first licensed digital asset brokerage, Huobi Brokerage.

Huobi, the fifth-largest crypto exchange by daily trading volume as of press time, will now provide brokerage service to its institutional clients, the firm said in a Jan. 21 press release to Cointelegraph.

Huobi Brokerage provides simultaneous access to other exchanges and OTC desks via smart order routing

Announcing the news at the annual World Economic Forum in Davos, the exchange said that Huobi Brokerage is the first product launched under the Global Institutional Business (GIB), an institutional services-focused division established by Huobi in November 2019.

A unique feature about Huobi Brokerage is that the platform connects with other exchanges and over-the-counter (OTC) desks, a Huobi’s spokesperson said in an email to Cointelegraph. Specifically, Huobi Brokerage is integrated with other crypto exchanges and OTC platforms via smart order routing technology in order to improve price execution and boost liquidity.

Bitcoin and 5 stablecoins are supported at launch

According to the announcement, Huobi Brokerage will initially support a total of six cryptocurrencies and stablecoins for block trades at launch. 

In fact, the service will initially support Bitcoin (BTC) as the only cryptocurrency in the broad sense, while the rest coins are represented by United States-dollar pegged stablecoins. The list includes major stablecoin Tether (USDT), Paxos Standard (PAX) token, TrueUSD (TUSD), Circle-backed USD Coin (USDC), as well as Huobi’s own stablecoin asset known as HUSD.

Meanwhile, support for other major cryptocurrencies including Ether (ETH), XRP, Bitcoin Cash (BCH), EOS, and Litecoin (LTC) is expected to be available on Huobi Brokerage by the end of January 2020, a Huobi representative told Cointelegraph.

Huobi saw “first wave of institutional interest” in 2019 as its institutional business has gro...
Continue on
Recent news
No posts found