On the premise of its institutional arm registering a 400% growth since the third quarter of 2019, which surprised a lot of investors, Huobi announced the launch of its first licensed digital asset brokerag.
The exchange, currently the fifth in the world by daily trading volume, will provide brokerage services to institutional clients, through the new service, Huobi Brokerage, an official statement revealed.
More products to come?
The announcement was made at the annual World Economic Forum, where the exchange said that the brokerage is actually the first product launched by the Global Institutional Business division, focused on institutional services and initially introduced in November 2019.
One of the main advantages Huobi Brokerage is that it facilitates the connection between exchanges and over-the-counter desks, according to an official spokesperson. To be more specific, it’s deeply integrated with other cryptocurrency exchanges, as well as OTC platforms, using smart order routing technology, thus improving price execution, but also boosting liquidity.
A limited amount of supported assets
In the first phase, Huobi Brokerage will support just six cryptocurrencies, as well as stablecoins. To be more specific, Bitcoin will be the only actualy cryptocurrency on the platform, while the rest of will be represented by US-dollar-pegged stable coints.l
The list of supported assets is completed by Tether (USDT), Paxos Standard (PAX), TrueUSD (TUSD). Circle-backed USD Coin (USDC), as well as Huobi’s very own HUSD.
However, the expansion plans exist, as support for coins like Ether, XRP, Bitcoin Cash, EOS, and Litecoin should be available by the end of the current month