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Huobi launches regulated OTC Desk for high volume crypto traders

Huobi [Public domain]

Thu, 16 May 2019, 03:12 am UTC

Cryptocurrency exchange operator Huobi Group has announced the release of its Huobi OTC (over-the-counter) Desk on Monday.

The newly launched OTC Desk supports fiat-to-crypto as well as crypt-to-crypto transactions. It supports US dollars (USD), British pound sterling (GBP), Euros (EUR), and major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and others.

The OTC Desk was built on Huobi’s Gibraltar FSC-issued Distributed Ledger Technology license. It is designed to accommodate high volume crypto traders, with a minimum size requirement of $100,000 or equivalent.

Jeff Adams, Senior Sales Manager for Huobi Global, said that the company saw “an unfilled need for services aimed at those looking to make large volume transactions. Huobi OTC desk is a big step forward to filling both of those needs.”

The Singapore-based firm touted some key benefits when using the OTC Desk. The new platform provides users with a real-time quotation, which also serves as the execution price. It offers competitive pricing and excellent liquidity when trading in large volumes of digital assets. To ensure a smooth and secure transaction, users can have access to dedicated support teams.

Meanwhile, just last month, Huobi OTC also started accepting deposits via Visa and Mastercard, thanks to its partnership with payment processing firm Simplex.

Easy and fast credit card payments, for mainstream users, is a key factor in wider applications of crypto in general,” Nimrod Lehavi, Simplex Co-Founder and CEO, said.

According to a press release, users can now use their debit and credit cards to buy BTC, ETH, LTC, and XRP on Huobi OTC. Deposits done via Simplex have daily and monthly limits of $20,000 and $50,000, respectively. The fees may differ, but generally, it can average at around 3.5%. The minimum transaction fee is $10.

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