Home News Blockchain Cryptocurrency Exchange Huobi Launched a Derivative Market Platform

Cryptocurrency Exchange Huobi Launched a Derivative Market Platform

November 29, 2018 07:08
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Singapore-headquartered digital currency exchange Huobi has recently launched the Huobi Derivative Market (Huobi DM), as per resources.

Today at the Cryptofrontiers conference in New York, Huobi presented its platform Huobi DM. Huobi particularly emphasized that their platform allows the user to engage in a cryptocurrency contract trading, during both rise and fall of the cryptocurrency price. The platform has been allegedly equipped with the hedging, uncertainty, and risk controlling tools. At present, the platform is in beta testing version, and it is not available for users.

Contract trading allows users to purchase and sell digital currencies at predetermined prices at specified times in the future, giving investors and traders an opportunity to open both long and short positions.

Lately, Huobi group also framed Beijing Lianhuo Information Services (BLIS) – a Communist Party branch, as committed to the state. According to Chinese law, if a company has more than three communist party member as employees must set up a specified branch. Although, this law was limited to the state ventures. Huobi has become the only crypto venture to adopt the practice.

Earlier in October, Huobi commenced the invention of proclaimed ‘stablecoin solution’. The solution, aka HUSD, involves its own stable coin assets, which can be traded as a go-between to deal with four USD backed stablecoins listed on the exchange. According to the announcement, HUSD could be traded for cryptocurrencies, and stablecoins including Tether, Bitcoin and Ethereum.

At the Stablecoin New York Conference in New York, Huobi General Counsel Joshua Goodbody commented at HUSD,

We believe the recent developments of stablecoins are positive for the industry and Huobi decided to support these developments proactively by launching HUSD. HUSD acts as a stablecoin aggregator. We provide the ability to deposit any of the four supported coins as HUSD and receive a 1:1 balance of HUSD which can be stored as well as traded against six pairs on Huobi Global. Users are also able to withdraw HUSD as any of the four applicable stablecoins

Nishchay Pushpad is a full-time writer at Crypto-News India. He is a Journalism graduate and major in Mathematics. He has three years of writing experience and worked with Bennett Coleman group in India. Nishchay writes about the latest news in Blockchain and cryptocurrencies. His enthusiasm and keen interest in developing his knowledge about blockchain and cryptocurrencies led him to Crypto-News India. In his spare time, he is involved in photography and travel. He currently does not hold any value in Bitcoin or other currencies.

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