The Singapore-based crypto exchange Huobi has added Ripple 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). The service will be in forms like Omni Protocol and ERC20 token. USDT-Omni is based on the BTC network and its deposit and withdrawal use this network. Whereas USDT-ERC20 is based on the ETH network and its deposit and withdrawal use this network. The protocol of USDT-Omni and USDT-ERC20 are Omni layer protocol and ERC20 protocol respectively.
Bitcoin-based USDT and Ethereum-based USDT are two different cryptocurrencies. These cryptocurrencies run on different blockchains. The deposit and withdrawal process of Ethereum-based USDT is much smoother and faster. It stated that 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. It facilitates users to trade and transact with traditional fiat currencies on the blockchain without any difficulty. Every unit of Tether is pegged to one United States Dollar (USD), 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 this crypto exchange Huobi. It offers great liquidity through 13 different payment methods.