Singapore-based Huobi, one of the world’s leading cryptocurrency exchanges, has added support for Ripple (XRP) on its peer-to-peer over-the-counter (OTC) trading platform.
Huobi Global’s management team notes in a blog post published on March 6 that listing XRP on its OTC platform constitutes part of the exchange’s commitment to providing better more services to the wider crypto trading community.
With the addition of XRP, Huobi OTC now offers access to a wide range of both fiat and crypto assets, including Bitcoin (BTC), Ethereum (ETH), Eos (EOS), Tether (USDT), Huobi Token (HT) and in-house stablecoin HUSD.
The platform launched HUSD in October last year, with the aim of providing cryptocurrency traders an easier solution for making deposits and withdrawals via multiple stablecoins, which the exchange had added earlier.
Digital asset traders can now leverage the HUSD to transact via Circle’s USD Coin (USDC), True USD (TUSD), Gemini Dollar GUSD, and the Paxos Standard Token (PAX).
Huobi Global offers that its p2p platform is designed to provide users with access to an exchange that bridges fiat and digital asset trading, by serving as an escrow from where users can post buy or sell ads as well as transact using both fiat and crypto.
The CEO of Huobi Global Livio Weng commented that adding support for XRP was “a big step forward” as it continues to expand its range of services for the crypto community.
He noted that the OTC platform plays a critical role in this ecosystem as not only the exchange’s main onramp but also as the company’s “main platform for users who prefer peer-to-peer (p2p) trading.”
Apart from Huobi, other major crypto exchange platforms have also moved to launch OTC desks as the crypto market looks to cash in on an influx of institutional investors. These include Binance, Bittrex, and South Korea’s Bithumb that reportedly launched an OTC desk using the Ortus tag.
The 2018 bear market saw many crypto businesses struggle amid the crypto price crash that saw most coins lose up to 80 percent of their value.
For Huobi, however, things seemed to work out positively with its daily trading volumes reportedly increasing by 100 percent in 2018 over figures posted in the previous year.
At the moment, the Singapore-based cryptocurrency exchange is the sixth largest on the list of top digital asset exchange platforms in the world as measured by daily trading volumes. As per XBT.net exchange tracker, the platform’s latest trading volume in the last 24 hours is over $651 million.
The firm also hired more personnel as it looked to expand its crypto business, including opening offices in over ten new locations around the world. The company has increased its employees from 400 in 2018 to over 1,300 already in the first quarter of 2019.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.