Hong Kong-listed Huobi Tech launches cryptocurrency OTC service

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Formerly is named Pantronics Holdings, Huobi Technology has shifted its focal level from digital merchandise to crypto.

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Hong Kong-listed Huobi Tech launches cryptocurrency OTC service

Hong Kong-listed virtual asset platform Huobi Technology Holdings has launched a cryptocurrency over-the-counter (OTC) service, the firm announced to Cointelegraph on Wednesday.

Listed on the first board of the Hong Kong Stock Alternate (HKEX) since 2016, Huobi Technology changed into at the origin is named Pantronics Holdings, an digital product maker based assist in 1990.

Huobi Technology has been actively coming into the cryptocurrency alternate in most up-to-date years but operates independently of Huobi Community, the entity that owns the Huobi World cryptocurrency alternate.

The two companies piece some shareholders but they’re two separate appropriate entities, a spokesperson for Huobi knowledgeable Cointelegraph.

In maintaining with basically the most up-to-date announcement, Huobi Technology now enables traders to alternate crypto by procedure of OTC the utilization of crypto block buying and selling products and providers and fiat currencies just like the U.S. buck. The firm plans to enlarge it to the euro, the British pound and the Hong Kong buck within the come future.

Huobi Technology has presented several crypto products and providers in most up-to-date years, now supporting virtual asset management, custody, belief and lending. The company holds a vast vogue of licenses, including the safety and asset management licenses from the Securities and Futures Price of Hong Kong, as well to a belief of company service provider license in Hong Kong. Huobi Tech has furthermore obtained a retail belief company license within the United States remark of Nevada by procedure of a unconditionally-owned subsidiary.

Huobi Technology stock over the previous five years. Supply: TradingView

Amid Huobi Technology’s entry into the crypto alternate, the company’s shares seen a sharp possess bigger last twelve months, temporarily topping above $3 in April 2021, in accordance to recordsdata from TradingView. The stock attributable to this truth plummeted afterwards, dropping beneath $1 in gradual 2021.

Linked: Right here’s how the Thai Stock Alternate plans to connect crypto with its digital asset platform

A preference of crypto-linked HKEX-listed companies like OKG Technology and BC Technology Community were furthermore falling in gradual 2021 amid China’s crackdown on the crypto alternate enforced in September. At the time of writing, the shares are buying and selling at $0.89.