Huobi launches US gateway for international crypto trades
The Singapore-based exchange is looking to make an impact on Wall Street
The Huobi cryptocurrency exchange based out of Singapore announced recently that it was launching a new sister company in the U.S. That company, HBUS, is a separate entity, but is funded by Huobi’s CEO, Leon Li. HBUS is looking to make Wall Street its prime target and has now launched a new service that will allow fiat deposits and withdrawals for exchange users.
HBUS teamed up with Nevada-based trust company Prime Trust to make the service available. Huobi.com will now be able to offer USD-to-crypto trading for several digital currencies, including Bitcoin (BTC), Ether (ETH) and the Tether stablecoin. All trades must meet a $100-minimum requirement.
According to HBUS CEO Frank Fu, this is just the beginning. He explained, “Once we establish partnerships with our institutional clients and put in place the required regulatory and compliance structure, we should be able to offer innovative products and financial services to larger audiences, such as… potential ETFs and derivatives.”
The new service doesn’t come easy. It requires a lot of regulatory compliance and HBUS is prepared to meet the challenge. It is increasing its workforce by 200%, with most employees working in compliance and institutional partnerships.
Taking on Wall Street is just the next step, but global expansion is the end game. Fu adds, “We will start from the U.S. but our vision is to provide a global services platform. A lot of the U.S. financial products and services are highly regarded, so we want to be able to be able to offer those products and services to our investors globally as we’re able to set up the right compliance processes.”