Hong Kong-listed Huobi Tech launches cryptocurrency OTC service

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Hong Kong-listed virtual asset platform Huobi Technology Holdings has launched an over-the-counter (OTC) cryptocurrency service, Cointelegraph reported on Wednesday.

Listed on the main board of the Hong Kong Stock Exchange (HKEX) since 2016, Huobi Technology was originally known as Pantronics Holdings, an electronic products manufacturer founded in 1990.

In recent years, Huobi Technology has been actively moving into the cryptocurrency industry, but operates independently of Huobi Group, the company that owns the Huobi Global cryptocurrency exchange.

The two companies have common shareholders but are separate legal entities, a Huobi spokesperson told Cointelegraph.

According to a recent announcement, Huobi Technology now allows investors to trade cryptocurrencies via OTC using crypto lock services and fiat currencies such as the US dollar. In the near future, the company plans to enter the euro, pound sterling and Hong Kong dollar.

In recent years, Huobi Technology has provided many crypto services and now supports virtual asset management, storage, trust and lending. The company has a large number of licenses, including securities and asset management licenses from the Hong Kong Securities and Futures Commission, as well as a license for the company’s service provider in Hong Kong. Huobi Tech has also obtained a retail loan license in the US state of Nevada through a wholly owned subsidiary.

Huobi Technology shares over the past five years. Source: Trading View
Following Huobi Technology’s entry into the crypto industry last year, Huobi’s stock rose sharply, briefly topping $3 in April 2021, according to TradingView data. The stock then fell after that, dropping below $1 at the end of 2021.

Related: Here’s How The Thai Stock Exchange Plans To Connect Cryptocurrency To Its Digital Asset Platform

A number of Hong Kong-listed cryptocurrencies, such as OKG Technology and BC Technology Group, also fell in late 2021 amid China’s crackdown on the crypto industry in September. At the time of writing, the stock is trading at $0.89.

Source: CoinTelegraph

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