Huobi.pro has announced that it will be adding Ripio (RCN) to its global trading platform as of today, November 8, 2017. Deposits and withdrawals of Ripio on Huobi.pro were supported starting yesterday.
Ripio joins Huobi.pro’s growing roster of fifteen cryptocurrencies, which include last week’s addition of Kybr, 0x, and Airswap in addition to the initial offerings of Bitcoin, Ethereum, Litecoin, and BitConnect. Huobi.pro’s platform also supports Tether dollars (USDT), although it does not currently offer any trading pairs with fiat currencies.
Huobi Evolves into Huobi.pro, Adding New Currencies for a Global Market of Professional Traders
Huobi found itself in hot water after the Chinese government ordered domestic Bitcoin exchanges to shut down operations as part of a sweeping set of bans that were announced in September. However, the exchange managed to survive the bans and find a new role as a global, peer-to-peer trading platform, Huobi.pro.
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The new Huobi.pro is headquartered in Singapore and does not offer any trading pairs against the Chinese yuan. The exchange is being marketed toward “professional” traders all over the world.
Ripio’s Reputation Could Benefit Huobi’s Network, and Vice Versa
Ripio (RCN, or “Ripio Crunch Network”), which was previously known as BitPagos, has garnered a reputation in Latin America as a secure and easy way to access capital through peer-to-peer credit lending. The new Ripio Crunch Network is built on Ethereum’s blockchain, and uses co-signed smart contracts to connect “borrowers, lenders, and co-signing agents”, according to a TechCrunch report.
The role of the co-signing agents in the Ripio Crunch Network is their innovative edge. Co-signers act as middlemen between borrowers and the network, and their presence legally enforces the lending contracts executed on the network. Additionally, Ripio’s regional target market (Latin America) is severely underserved in terms of financial services. There is a need for the services that Ripio aims to provide in that area of the world.
Huobi.pro seems eager to add Ripio to its inventory. Huobi’s Blockchain Application Research Institution said that “with a large active user base and a team of experienced entrepreneurs, Ripio Credit Network is a solid example of smart contract application.” Undoubtedly, the partnership between RCN and Huobi.pro will bring financial gain to both parties.