Exchange Huobi.com (a subsidiary of the Singapore cryptobirds Huobi located in the United States), launches Fiat crypto trading service – initially with three pairs of US dollars / cryptocurrency.
According to a press release, the operator Huobi.com is the company HBUS – a strategic partner of the Huobi Group, the crypto-exchange operator Huobi Global.
As stated in the message, Huobi.com launched a pair of US dollars with Bitcoin (BTC), ethereum (ETH) and Tether (USDT), as well as support for dollar deposits and withdrawals (the minimum amount is $ 100).
Fiat currency is supported through a partnership with the US financial institution Prime Trust, a Nevada-based trust company specializing in custodial and third-party deposit services for fiat funds and cryptocurrencies .
Huobi.com customers who want to trade in a Fiat-Crypto pair will have to open a Prime Trust custodial account, which in turn requires adhering to the “know your buyer” (KYC) procedure.
Similar activity of other crackers
The expansion of Huobi.com was a response to the actions of other major cryptocurrency exchanges , which are constantly expanding support for fiat national currencies. For example, last fall, Binance opened a fiat crypto platform in Uganda, embodying a plan to create crypto-fiat bourses around the world.
For their part, banking institutions are also beginning to provide Fiat-crypto conversion services, the most recent example being the Swiss Falcon Private Bank.
As we have already reported , the largest US cryptocurrency exchange and the Coinbase cryptographic operator will enable users from the European Union countries to withdraw fiat currency using the PayPal payment system.
Publication date 06.02.2019
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