US branch of Huobi Group, HBUS has entered into an agreement with Nevada-based financial company Prime Trust to launch support of fiat-crypto trading services.
"We are excited to announce that USD services are now open on the Huobi Marketplace! Users can now buy/sell crypto with US Dollars...," announced the company in its official blog.
As the media reported, HBUS is about to expand trading with bitcoin, Ethereum, Tether USD against US dollar. The company also expressed intentions to add more cryptocurrencies in the long run.
The company seems to be not ready to rest so far. HBUS board has stressed lately that they target more agreements in the USA. As of today, HBUS services cover about 60,000 US residents as well as users from China. However, the Chinese bring the key challenges for the platform – they can theoretically cash RMB to USD, previously transferring money through Huobi Global OTC platform.
Prime Trust that will help HBUS add fiat support provides crypto and fiat custodian and escrow services. HBUS customer willing to trade fiat-crypto will have to open a Prime Trust custodial account.
Following the partnership, the company has launched a promotion of the new service offering good fruits for the first users of the new USD service.
The announcement reads:
"During the promotion period, the first 500 newly registered users that successfully open a USD wallet via the “Balances” page will receive 20 USDT."
As for the shor-term plans, HBUS reportedly intends to work with institutional clients while ensuring legal compliance of its operations, then it will start cooperating with a wider audience. This year, the company also aims to increase the number of its employees to 150.