Huobi Group launches a new mobile app for the growing crypto market in Southeast Asia. The company announced on March 10 that they will release this application to compete against top mobile trading apps like Robinhood and Coinbase which currently dominate the market.
This application has been dubbed ‘Huobi Lite’ and will primarily serve SE Asia although it will also be available in Europe. Notably, Huobi left out the U.S market; the exchange seems to be consolidating its efforts in Asia with the latest development being a localized exchange for Thailand.
Huobi Lite; A Commission Free Crypto Trading App?
Huobi Lite will facilitate crypto trading for iOS and Android users given its availability on both platforms. The most outstanding feature, however, is a zero-trading fee on the app, Huobi’s model is to create an environment where buyers can purchase and sell crypto assets at the most convenient prices. This basically means that the app will not act as a broker but rather charge the market makers within its ecosystem for sustainability.
So far, a range of fiat currencies and crypto coins have been included for trading in Huobi Lite. Users are set to leverage existing payment avenues to top up in the U.S dollar, Chinese Yuan, Malaysian Ringgit and the Vietnamese Dong. As for cryptocurrencies, Bitcoin, Ethereum and USDT lead the pack although Huobi Lite plans to scale up in the near future. Huobi’s Global VP of Business, Ciara Sun, was optimistic about this milestone;
“By reducing the barrier to entry and catering to both beginners and veteran traders, we’re vying for mainstream adoption across the globe, especially in underserved markets like Southeast Asia.”
Finally, a relaxed KYC approach by Huobi Lite might be another cutting edge for the Singapore-headquartered crypto exchange. The app will not look into the KYC aspects of users transacting under $1,000 within 24 hours.