Huobi Global Announces the Launch of XRP on their OTC Trading Desk
By Tyler Smith – Cryptocurrency Investor
Huobi Global, one of the leading digital assets exchanges, has announced the introduction of XRP trading pairs for their Over the Counter (OTC) trading desk. Clients of Huobi will now be able to buy and sell XRP in large blocks.
Huobi Global provided a fee structure for XRP trades depending on the local currency chosen. Huobi will currently only apply a trading fee for Makers of the trade which is unusual as most exchanges charge a higher fee for the Taker of a trade. The Taker will currently be subject to a 0% fee to try and attract more to the platform. Those looking to sell ripple through the desk will be able to hit offers with no cost to their trade.
The OTC trading desk is to accept many denominations from the majors such as USD, GBP, EUR, CAD, AUD at a 0.2% Maker fee to more obscure currencies like the Saudi Riyal (SAR) and Malaysian Ringgit (MYR) applicable to a 0.7% Maker fee for trades. Having a higher Maker fee could be negative to the liquidity of the desk as a trader could sell XRP in a larger quantity and hit the market, taking liquidity and avoiding a trading fee.
The trading desk will be open to any wishing to sell cryptocurrency that already have an existing account with Huobi Global. Huobi have chosen to launch XRP trades as they have faith in the XRP project and community. XRP is the third largest cryptocurrency in terms of market capitalisation fluctuating recently with Ethereum, the second largest. XRP still needs to prove itself to many that it is not a security. More people, however, are considering the coin a cross-border payment and remittance utility.
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