Global crypto exchange Huobi has launched a new over-the-counter (OTC) desk to cater the high-volume trades of the institutional clients.
Dubbed as the ‘Huobi OTC desk’, the platform is regulated by Gibraltar’s Financial Services Commission (FSC) and supports both fiat-to-crypto and crypto-to-crypto trading.
As mentioned in the announcement, the platform will support three fiat currencies – US dollar, British pound sterling, and euro – however, for the time being, it has only introduced trades against USD.
The platform has listed six major digital currencies available in the market – Bitcoin, Ethereum, Ripple, EOS, Bitcoin Cash, and Litecoin – along with two stablecoins – USDT and PAX.
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Commenting on this development, Jeff Adams, senior sales manager of the company, said: “We see a lot of appetite out there from players in more established financial markets when it comes to digital assets, but many are still uncomfortable jumping into unregulated trading environments. We also see an unfilled need for services aimed at those looking to make large volume transactions. Huobi OTC Desk is a big step forward to filling both of those needs.”
The announcement also specified that traders in the United States will be barred from the new services.
Becoming a full-service crypto market facilitator
Huobi already operates a retail OTC desk, which is managed by its subsidiary Huobi Global and executes trades in a peer-to-peer market. However, the new institution-focused platform is processing the trades under Huobi Technology.
Huobi is one of the largest global crypto exchange in the market. According to Coinmarketcap.com, the exchange is handling $2.5 billion worth of crypto trades on a daily basis – the number spiked because of the recent bull run in the crypto market.
The new OTC platform is a part of Huobi’s ambition to become a full-service market facilitator in digital asset trading. Keeping with the market demand, the Singapore-headquartered company also launched an initial exchange offering (IEO) platform called Huobi Prime.