Altcoin News: Huobi Has Entered into Wall Street Partnerships Agreement

February 7th, 2019 by Marko Vidrih on ALTCOIN MAGAZINE

The US subsidiary of the Huobi Group — HBUS Exchange, — has entered into an agreement with a financial company from Nevada Prime Trust to support the input/output of fiat funds, CoinDesk reports.

As the newspaper notes, HBUS will allow users to trade Bitcoin, Ethereum and Tether USD together with the US dollar.

At the same time, Frank Fu, HBUS CEO, stressed that the company intends to conclude several more deals in the United States.

At this stage, HBUS intends to work with institutional clients and ensure legal compliance of its activities, after which it will start working with a wider audience. In 2019, the company also plans to increase its staff to 150 employees.

According to Fu, about 60,000 US residents and several dozen users from China are registered with HBUS.

In the listing of the platform, there are such coins as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ethereum Classic and Tether USD. However, its representatives are considering the possibility of adding other tokens in the future.

We add that the main problem for HBUS remains Chinese traders who can theoretically cash in yuan for the site, having previously banished money through the OTC platform from Huobi Global.

It is also worth mentioning that the Australian Goldfields Money is the banking partner of Huobi Global.

Recall that Huobi became the leader in commission fees among crypto exchanges in 2018. They earned $483 million.

Author: Marko Vidrih