Huobi, the six-ranked cryptocurrency exchange, has launched a platform exclusively for cryptocurrency contract trading while its U.S.-based partner takes a jibe at Coinbase in an ad campaign.
Making Strategic Moves
Huobi, one of the largest cryptocurrency exchanges in the world, announced the launch of the Huobi Derivative Market (Huobi DM) exchange. The announcement was made at the Cryptofrontiers conference in New York City earlier this week.
The new platform, which will be available to customers in selected countries, will provide a comprehensive suite of sophisticated digital asset trading services including cryptocurrency contract trading.
Joshua Goodbody, General Counsel of Huobi’s Global Institutional team, says:
Cryptocurrency is a rapidly expanding and maturing market. As part of that maturation, we see more and more sophisticated investors and traders from more established financial markets looking to gain exposure, including institutional players.
Goodbody further added:
At the same time, we think many experienced, successful cryptocurrency traders are looking for a broader range of investment tools than has traditionally been available. Huobi DM is tailor-made to address these sorts of needs.
USP of the Product
The new product gives users the flexibility to buy or sell Bitcoin (BTC) and other digital assets at predetermined prices at specified times in the future. Traders can open short and long positions and use advanced tools for hedging positions and managing risks.
Huobi claims that below features make its services better than rival products:
- Superior risk management: including multiple limits for risk management and 24-hour monitoring.
- Investor protections: including a 20,000 BTC insurance fund to protect users against catastrophic security failures, a dedicated insurance fund for each trading pair against unfilled liquidation order losses, and a circular break mechanism that helps protect users from unnecessary forced liquidations
- Fee structure: market makers pay no trading fees and get financial bonuses (when trading as a maker).
- Leverage flexibility: Huobi DM offers 1X, 5X, 10X, and 20X leverage.
- Speed: high memory and 10X matching speed compared to market average speed.
The platform is currently not available to users from the United States of America, Singapore, Israel, Iraq, Hong Kong (China), Cuba, Iran, North Korea, Sudan, Malaysia, Syria, Samoa Eastern, Puerto Rico, Guam, Bangladesh, Ecuador, and Kyrgyzstan.
U.S.-Based Partner HBUS Takes on Coinbase
Around the same time, HBUS, the exclusive U.S. strategic partner of Huobi, became the first cryptocurrency exchange to launch a billboard campaign in the United States.
The campaign has been dubbed “Evolved Crypto Trading.” The blog, published earlier, mentions, “The billboard is located on the busy San Francisco corridor of 3rd Street, between Mission Street and Market Street in downtown San Francisco.” The billboard is notable for taking a shot at exchange rival Coinbase.
HBUS will eliminate all trading fees throughout the end of the year as part of the campaign. The exchange currently offers 12 digital assets, including Bitcoin, Ethereum, and Litecoin, and 35 trading pairs, with plans to introduce two new tokens a week for U.S. customers.
The competition between the big players of the space like Huobi, Coinbase, and Binance is heating up. All firms are taking steps towards expansion to ensure that they don’t fall behind.
What are your thoughts on the new platform by Huobi and the billboard campaign by HBUS? Let us know in the comments below.
Images courtesy of HBUS and Shutterstock.