Hong Kong-listed Huobi Tech launches cryptocurrency OTC service

Hong Kong-listed digital asset platform Huobi Know-how Holdings has launched a cryptocurrency over-the-counter (OTC) service, the agency introduced to Cointelegraph on Wednesday.

Listed on the principle board of the Hong Kong Inventory Trade (HKEX) since 2016, Huobi Know-how was initially recognized as Pantronics Holdings, an digital product maker based again in 1990.

Huobi Know-how has been actively shifting into the cryptocurrency business in recent times however operates independently of Huobi Group, the entity that owns the Huobi International cryptocurrency trade.

The 2 firms share some shareholders however they’re two separate authorized entities, a spokesperson for Huobi instructed Cointelegraph.

In accordance with the most recent announcement, Huobi Know-how now permits buyers to commerce crypto by way of OTC utilizing crypto block buying and selling companies and fiat currencies just like the U.S. greenback. The agency plans to increase it to the euro, the British pound and the Hong Kong greenback within the close to future.

Huobi Know-how has launched a number of crypto companies in recent times, now supporting digital asset administration, custody, belief and lending. The corporate holds a large variety of licenses, together with the safety and asset administration licenses from the Securities and Futures Fee of Hong Kong, in addition to a belief of firm service supplier license in Hong Kong. Huobi Tech has additionally obtained a retail belief firm license in the US state of Nevada by way of a wholly-owned subsidiary.

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Huobi Know-how inventory over the previous 5 years. Supply: TradingView

Amid Huobi Know-how’s entry into the crypto business, the corporate’s shares noticed a pointy enhance final yr, briefly topping above $3 in April 2021, based on knowledge from TradingView. The inventory subsequently plummeted afterwards, dropping beneath $1 in late 2021.

Associated: Right here’s how the Thai Inventory Trade plans to attach crypto with its digital asset platform

Quite a few crypto-linked HKEX-listed firms like OKG Know-how and BC Know-how Group have been additionally falling in late 2021 amid China’s crackdown on the crypto business enforced in September. On the time of writing, the shares are buying and selling at $0.89.