On May 15, Huobi Group has inaugurated its new trading arm that will offer off-board services. The new division will be available for both institutional and other investors opening the door for large crypto transactions.
“We see a lot of appetites 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,” said Jeff Adams, Senior Sales Manager for Huobi Global in the press release.
According to the release announcement, the new division called Huobi OTC Desk will be a fully regulated trading under Huobi’s Gibraltar FSC-issued Distributed Ledger Technology (DLT) license. The platform will offer trading of both crypto-to-crypto and fiat-to-crypto pairs supporting the major currencies, including US dollar, pound sterling and Euro as well as bitcoin, Ethereum and other cryptos.
The OTC-desk will be a part of the Huobi Gibraltar division. The OTC trading arm will expand the company's range of services bringing it closer to the status of "a full-service market facilitator in digital asset trading".
Notably, Huobi OTC Desk is unlikely to be opened for the US users.
BitGo, the custody service provider, has announced a new clearing system to cover institutional investors. The new solution will represent an off-chain Clearing and Settlement Service that will be offered to the users of BitGo Trust Company. As a result, the assets are said to remain in the custody in case of any transaction.
Coinbase, the largest US cryptocurrency exchange, has expanded the offer for the trading of USD Coin (USDC) issued with its direct participation of stablecoin in 85 jurisdictions.
From now, the exchange serves a total of 103 countries, compared to 32 just a year ago.