Hong Kong-listed Huobi Tech launches cryptocurrency OTC service

Hong Kong-listed virtual asset platform Huobi Technology Holdings has launched a cryptocurrency over-the-counter (OTC) service, the firm announced to Cointelegraph on Wednesday.

Listed on the main board of the Hong Kong Stock Exchange (HKEX) since 2016, Huobi Technology was originally known as Pantronics Holdings, an electronic product maker founded back in 1990.

Huobi Technology has been actively moving into the cryptocurrency industry in recent years but operates independently of Huobi Group, the entity that owns the Huobi Global cryptocurrency exchange.

The two companies share some shareholders but they are two separate legal entities, a spokesperson for Huobi told Cointelegraph.

According to the latest announcement, Huobi Technology now allows investors to trade crypto via OTC using crypto block trading services and fiat currencies like the U.S. dollar. The firm plans to expand it to the euro, the British pound and the Hong Kong dollar in the near future.

Huobi Technology has introduced several crypto services in recent years, now supporting virtual asset management, custody, trust and lending. The company holds a wide number of licenses, including the security and asset management licenses from the Securities and Futures Commission of Hong Kong, as well as a trust of company service provider license in Hong Kong. Huobi Tech has also obtained a retail trust company license in the United States state of Nevada via a wholly-owned subsidiary.

Huobi Technology stock over the past five years. Source: TradingView

Amid Huobi Technology’s entry into the crypto industry, the company’s stocks saw a sharp increase last year, briefly topping above $3 in April 2021, according to data from TradingView. The stock subsequently plummeted afterwards, dropping below $1 in late 2021.

Related: Here’s how the Thai Stock Exchange plans to connect crypto with its digital asset platform

A number of crypto-linked HKEX-listed companies like OKG Technology and BC Technology Group were also falling in late 2021 amid China’s crackdown on the crypto industry enforced in September. At the time of writing, the shares are trading at $0.89.

All Dutch and English crypto news!

Duur grapje: 10.000 bitcoin voor 2 pizza’s

Wist je dat iemand ooit 10.000 bitcoins heeft betaald voor twee pizza's? Op het moment van de transactie leek het een leuk idee: de waarde...

Crypto gaming and the monkey run: How we should build the future of GameFi

You've seen it before. An amazingly talented gaming founder teams up with a top-tier studio, promising to create a wondrous game experience built on the...

How to incorporate a DAO and issue tokens to be ready to raise money from VCs

What is a DAO? A DAO, or decentralized autonomous organization, is an online-based organization that exists and operates with no single leader or governing body. DAOs...

Web3, NFTs, Metaverse: The tools for a truly decentralized future

Attendees to the BlockDown Croatia 2022 festival were witness to Cointelegraph's discussions around sociopolitics of the Web3 ecosystem, non-fungible tokens (NFT) and the Metaverse. It...

Beste exchanges

Koop je crypto bij Bitvavo