Huobi’s Bold Move into INR Trading
In a significant shift for the Indian crypto landscape, Huobi, the world’s third-largest cryptocurrency exchange, has announced its plans to support Indian rupee (INR) transactions. The initiative, revealed through an email communication, aims to facilitate peer-to-peer trade on its platform, opening the gates for local users to trade without hassle.
Zero-Fee Trading: The Sweet Deal for Indian Users
According to the information shared, the exchange’s over-the-counter (OTC) service will enable Indian traders to engage in zero-fee trading for Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). Now that’s a tempting offer! It’s like being handed a candy bar without having to pay for it—who wouldn’t want that? The email stated:
“We do think it’s time that we provide a solution of buying/selling digital assets with INR for all Indian users…”
Navigating the Crypto Landscape Amid Regulatory Challenges
This news comes at a time when Indian crypto traders are scrambling to adapt to the Reserve Bank of India’s (RBI) controversial ban on bank dealings with crypto-related businesses, which came into force earlier this month. WazirX, another local exchange, preemptively pivoted to a peer-to-peer model in order to sidestep the challenges posed by the RBI’s restrictions.
Confirmations and Speculations Surrounding Huobi’s Announcement
However, while the correspondence from Huobi’s team appears promising, official confirmation regarding INR trading has yet to emerge. Despite a spokesperson acknowledging the move, the crypto community is still on tenterhooks waiting for the green light. Cointelegraph reached out to Huobi for further details but didn’t get a response by the time the news broke. Fingers crossed!
Huobi’s Global Strategy: Reaching Out to Wider Markets
In addition to its ventures in India, Huobi has shown an aggressive pursuit of global expansion throughout 2018. From entering the U.S. market to setting up operations in South Korea and the U.K., it’s clear Huobi intends to make its mark worldwide. The ambitious plans include testing OTC trading for the U.K. market later this year, a strategic move to tap into high liquidity trading.
With $968.7 million in trades reported over a recent 24-hour period, Huobi is solidifying its position as a heavyweight in the global arena. If you’re sitting on the sidelines, now might just be the time to jump back in and explore these new opportunities!
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