The US arm of Singaporean digital assets exchange, Huobi, has announced that the US dollar can now be used to buy cryptocurrencies on its platform.
The announcement particularly specified that only verified users would be able to use this feature. It was also indicated in the press release that the cryptocurrencies available for purchase would include Bitcoin, Ethereum, and Tether, the first stablecoin pegged to the dollar.
Huobi’s Addition of Fiat Trading
In the announcement, it was said that for existing and new users to enjoy the fiat conversion feature, one would need to register for an Hbus account on the platform. After doing this, under the Account & Security section on the platform, the user would need to pass level one and two verifications and also accept the terms and conditions under the ‘Open a USD wallet’ option. This can be found under the ‘Balances’ section on any user’s account on the platform.
This feature was made available due to the partnership between the exchange and custody and escrow services provider Prime Trust. To use the fiat to crypto conversion on the exchange, users are mandated to create a Prime Trust account and connect it to their Hbus account. Hbus is Huobi’s San Francisco partner that facilitates the smooth operations of the US subsidiary of Huobi.
To encourage users to create the USD wallet, Huobi has offered an incentive of rewarding the first 500 users to do so with 20 USDT (Tether tokens). Only US traders can enjoy this service.
Airswap Strikes a Deal with Wyre
In other news, Airswap, a p2p trading network has also created a fiat to crypto conversion feature on their platform. This was made possible by a deal with Wyre, a company that prides itself as the bridge between crypto and fiat currencies. Currencies accepted on the platform include USD, GBP, EUR, and AUD. Based on a post on Medium, Ethereum, the third most dominant cryptocurrency in the market can be purchased with these currencies with the feature. Wyre has a license to operate in over 40 states in the US. Wyre’s CEO stated that;
“Peer-to-Peer/OTC style trading is always a strong starting point for building meaningful liquidity. Airswap really gets this. Working with them to mitigate counter-party risk, without compromising on meaningful liquidity is so exciting to be part of.”
Quadrigacx’s Missing $150 Million
Major news emerged from the crypto space concerning Canadian crypto exchange, Quadrigacx. About $150 million was lost in crypto after the death of the exchange’s founder.
Quadrigacx has reportedly been granted shielding from creditor lawsuits. The Judge who made the judgment, Michael Wood, has ordered a 30-day stay that impedes filing of lawsuits against the exchange.
Users on the crypto exchange have been unable to access their funds after the announcement of the CEO’s death. The CEO, Gerald Cotten died in December from Crohn’s disease in India. Several of the users on the exchange have threatened to file claims against the Canadian exchange. The CEO was alleged to be the only person with the private keys for the cold wallets amounting to over $143 million.
The dead CEO’s wife stated that despite searching for the private keys to the exchange, she has not been able to find them. The Canadian exchange owes 115,000 users about $188 million. Maurice Chiasson, the lawyer representing the exchange has informed the court that time is required to for the exchange to get a hold of the funds it owes its users. In the meantime, considerations are being made about selling the exchange to be able to source funds to settle users.