The peer-to-peer Over-the-Counter (OTC) branch Huobi, one the largest exchanges in the world has added support for Ripple (XRP). Huobi OTC platform was set only recently to facilitate the high volume cryptocurrency traders. Over-the-Counter exchange is one of the most popular medium of exchange in Japan and China. Numerous Instituional Traders too prefer OTC over online exchanges due to the flexibility of price and customized security.
Currently, the platforms offers trading in Bitcoin (BTC), Litecoin (LTC), Ether (ETH), EOS (EOS) and the native Huobi Token (HT). The addition of XRP by Huobi comes soon after Coinbase announced the addition of XRP on its platform for high volume traders.
According to the exchange, Huobi OTC aims to offer an exchange bridge between fiat currencies and digital assets. Specifically, the platform serves as an escrow to users who post buy or sell ads on the platform and then complete transactions exchanging crypto and fiat currency.
Livio Weng, the CEO of Huobi Global, is quoted in the press release as stating that the Huobi OTC platform is essential to the company as a whole because it’s Huobi’s main onramp and “main platform for users who prefer peer-to-peer trading.”
Huobi Global is currently the world’s eleventh largest crypto exchange by daily trade volumes. The Honk Kong-based exchange is one of the leading transactions in the US and Asia with a 24-hour trade total volume of around $500 million.
An analysis of crypto OTC desks suggests that the volume of investment in cryptocurrency is rising exponentially. Institutional investment is increasingly being seen as the future of crypto trading, with Binance, Bittrex, and Huobi launching their own dedicated OTC desks in January.