Ripple Gains Support on Huobi Global’s OTC Market Today as XRP Trading Goes Live
The third-largest cryptocurrency XRP is going live on the over-the-counter (OTC) trading platform of one of the biggest crypto exchanges Huobi today. The exchange took to Twitter to share the announcement with the crypto community.
“Huobi OTC announcement is now here! XRP Ripple will launch on Huobi OTC at 10:00 6 March.”
Currently, Huobi Global is at the 8th spot by adjusted market volume of $715 million at the time of writing, as per the data provided by Coinmarketcap. The exchange launched its OTC market late last year only that offers an “exchange bridge” between the digital assets and fiat currencies while Huobi Global only supports the exchanges or investment services between various cryptocurrencies.
Huobi OTC is the affiliated website of the Huobi Global that is focused on over-the-counter trades of digital assets where
“You can buy/sell your digital assets by posting a buy/sell advertisement on Huobi OTC and then complete transactions with the other party so as to exchange your digital assets with fiats.”
Moreover, Huobi OTC provides an escrow on digital assets as it offers an aggregated display of buying and selling information while allowing the transfer of actual payment and its completion offline.
Global-wide Exposure & Expansion
According to its official announcement, it offers support for 25 fiat currencies viz.
- China Yuan/Renminbi (CNY)
- US Dollar (USD)
- Singapore Dollar (SGD)
- India Rupee (INR)
- Taiwan Dollar (TWD)
- Vietnam Dong (VND)
- South Korea Won (KRW)
- Canadian Dollar (CAD)
- Australia Dollar (AUD)
- Switzerland Franc (CHF)
- Great Britain Pound (GBP)
- Hong Kong Dollar (HKD)
- Euro (EUR)
- Nigeria Naira (NGN)
- Philippines Peso (PHP)
- Cambodia Riel (KHR)
- Russia Rouble (RUB)
- Brazil Real (BRL)
- New Zealand Dollar (NZD)
- Turkish New Lira (TRY)
- Myanmar Kyat (MMK)
- Indonesia Rupiah (IDR)
- Malaysia Ringgit (MYR)
- United Arab Emirates Dirham (AED)
- Saudi Arabia Riyal (SAR)
“We were the first exchange to launch 24/7 customer service and create an investor protection fund,”
states the Huobi OTC website that charges 0 percent fees for ordinary user trading. While taker fee is zero percent, the maker fee that is for the users who create advertisements for buying or selling digital assets on Huobi OTC is primarily 0.2 percent except for four fiat currencies viz. IDR, MYR, AED, and SAR. where it is 0.7 percent.
Over-the-counter trading is an integral part of the crypto market as reportedly, the OTC trading volume has been manifold of the trading volume registered on digital asset exchanges, in terms of Bitcoin. This is due to the fact that OTC buyers are either the professional entity or personal investors for accumulating the digital asset.
Usually, small to medium OTC traders have difficulties finding a trustworthy OTC broker but now, Huobi Global’s OTC market has made it possible and given the fact that there are 25 fiat currencies involved, now there is a global wide expansion and exposure for XRP.