Hong Kong-listed Huobi Tech launches cryptocurrency OTC service

Hong Kong-listed Huobi Tech launches cryptocurrency OTC service

Huobi Technology Holdings, a Hong Kong-listed virtual asset platform, has launched a cryptocurrency-over-the-counter service (OTC), the firm announced Wednesday to Cointelegraph.

Huobi Technology is listed on the Hong Kong Stock Exchange’s main board (HKEX), since 2016. Huobi Technology was formerly known as Pantronics Holdings. This electronic product manufacturer was founded in 1990.

Huobi Technology is actively involved in the cryptocurrency industry over the past years, but it operates independently from Huobi Group which owns Huobi Global.

Although they share some shareholders, the two companies are separate legal entities according to a spokesperson for Huobi to Cointelegraph.

Huobi Technology announced that investors can now trade crypto via OTC using cryptoblock trading services and fiat currencies such as the U.S. dollars. In the near future, the firm will expand the service to include the euro and the British pound as well as the Hong Kong dollars.

Huobi Technology introduced several crypto services over the years. These include virtual asset management, custody trust, lending, trust, and trust. The company has a variety of licenses including the Securities and Futures Commission of Hong Kong security and asset management licenses. It also holds a trust of service provider license in Hong Kong. Huobi Tech also has a Nevada retail trust company license through a wholly-owned subsidiary.

Stocks of Huobi Technology over the last five years. Source: TradingView

According to TradingView data, Huobi Technology entered the crypto market last year. The company’s stock prices saw a dramatic increase, peaking briefly at $3 in April 2021. The stock plummeted after that, falling below $1 in the latter part of 2021.

Related: How the Thai Stock Exchange plans on connecting crypto and its digital asset platform

Several crypto-linked HKEX-listed crypto-linked companies such as OKG Technology or BC Technology Group fell in the second half of 2021 due to China’s September crackdown on crypto industry. The shares trade at $0.89 as of the writing.

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