A Singapore-based crypto exchange called Huobi who has added XRP support to its peer-to-peer (P2P) and over-the-counter (OTC) crypto trading platform called Huobi OTC.
Huobi Global has announced the supporting of a deposit and withdrawal service for Tether (USDT). USDT is in two forms such as Omni Protocol and ERC20 token. The service will be provided in both forms. USDT-Omni is based on a network called BTC network and its deposit and withdrawal process uses the network. Whereas USDT-ERC20 is based on a network called ETH network and its deposit and withdrawal process uses the network.
Bitcoin-based USDT and Ethereum-based USDT are two different cryptocurrencies. These cryptocurrencies work on different blockchains. It is stated that the deposit and withdrawal process of Ethereum-based USDT is much smoother and faster and these features are profitable for institutional traders.
The Global CEO of crypto exchange Huobi Livio Weng said, “By offering services for ERC20 Tether, we want to make the trading experience easier for both retail and institutional traders. “This is just one more way we’re seeking to enhance user experience and better serve the trading community.”
Tether (USDT) was launched in October 2014. USDT can be exchanged for traditional fiat currencies on the blockchain without any difficulty, PRNewswire reported.
Livio Weng said, “In addition to serving as Huobi Global’s main onramp, Huobi OTC is also our main platform for users who prefer peer-to-peer trading. It’s very important to our overall trading ecosystem. The addition of Ripple is a big step forward in expanding our already extensive offering here,” PRNewswire reported.
Buying and selling of Bitcoin (BTC), Ethereum (ETH), Tether (USDT), EOS (EOS), Huobi Token (HT) and Huobi’s stablecoin (HUSD) can also be done through Huobi OTC of the crypto exchange Huobi. It is stated that Huobi OTC provides great liquidity through 13 different kinds of payment methods.