Until this week, it had seemed like Coinbase would remain the most active player with regards to crypto exchanges that are at least somewhat on board with being regulated. Then came the news today that Huobi has finally found a way to allow its’ United States customers to access and use US dollar trading pairs.
Their road to that particular point has included establishing themselves as one of the top players in the crypto market, which has already led to over $1 trillion in sales. At the same time, these numbers were posted by Huobi’s main wing, while any business that it does in the United States appears to be handled by its’ subsidiary, Huobi US. One has been globally active while the other seems to have been relatively quiet until now.
This particular development involving the US dollar would not have been possible without Huobi US’s partnership with a United States based financial company called Prime Trust. Reportedly, Prime Trust will serve as the effective guarantor of withdrawal and deposit services for Huobi US’s customers, going forward.
Furthermore, according to CoinDesk, when queried about the news, Huobi US’s CEO, Frank Fu, essentially stated that this is only the beginning of Huobi’s push into the United States. With this, he also indicated that they aim to become a lasting player in the country’s crypto ecosystem as it continues to develop.
On the flip side, if the claim is seriously considered that Huobi’s global business is significantly dependent upon connected Chinese traders, than events might be on the cusp of truly becoming interesting. How will the existing leaders in the United States respond to the intrusion of a more global company, with apparent deep ties to the Asian continent?
By: BGN Editorial Staff