As China’s cryptocurrency trading ban is about to come into effect on October 31, 2017, the country’s exchange operators are all moving their focus abroad to try to recreate the success they had internationally.
The latest company to announce a new international offering is Huobi, once one of the largest Bitcoin trading venues in the world. The new service is called Huobi.pro. The marketing department responsible for the firm’s ex-China businesses revealed that most of the platform’s users are professional traders located all over the world.
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Trading at the new venue offers cryptocurrency pairs based on Tether (USDT) or Bitcoin (BTC). These include Bitcoin Cash, Ethereum, Litecoin and the upcoming forks against Bitcoin as well as BTC/USDT, ETH/USDT, and LTC/USDT.
USDT is a digital asset based on the Omni Layer Protocol issued on the Bitcoin blockchain. The most distinctive feature of USDT is that it is backed by fiat currency – each USDT represents one US dollar and it is redeemable by holders upon request through the Tether platform.
Huobi has also recently added new offices in Hong Kong and Singapore to continue its exchange service and expand into global markets to compensate for the loss of its home market. The Huobi.pro platform currently supports both Chinese and English to support this internationalization.