By Sharon Lewis and Reethu Ravi This article is the first of a four-part Tech’s Year in Review series reviewing developments across industries in 2020. This first installation discusses some industries spotlighted by the COVID-19 pandemic, namely edtech, logistics and supply chains, fintech, [...]
Seychelles-based cryptocurrency exchange platform launches new trading app
Huobi Group has launched its new mobile application Huobi Lite on Android and iOS platforms, allowing for commission-free trading in major cryptocurrencies like Bitcoin.
The new app offers a simplified trading experience that makes it easy to trade in cryptocurrencies with fiat currencies like the United States Dollar (USD), Vietnamese Dong (VND), Malaysian Ringgit (MYR), Hong Kong Dollar (HKD), and Chinese Yuan (RMB). Users can now exchange cryptocurrency tokens or buy cryptocurrencies with fiat currencies through various payment methods, including credit cards. The app operates on the secure framework that powers the Huobi Global digital asset exchange.
Huobi Lite enables crypto-to-crypto swaps with zero fees, and provides users with access to competitive market prices. Crypto-to-crypto transactions are processed instantly, while crypto-to-fiat transactions are processed after the seller confirms payment. In addition to facilitating cryptocurrency transactions, the Huobi Lite app aims to serve as a primary portal for users to store, track, and manage their portfolios.
The app currently supports the following currencies: BTC, ETH, USDT, HT, EOS, BCH, XRP, LTC, and HUSD. Huobi hopes to add more currencies in the future.
The app works to shorten the lengthy Know Your Customer (KYC) process, and allows users to buy their first Bitcoin in less than five minutes, according to a statement issued by the company.
“The current process of buying and selling cryptocurrencies can be unnecessarily complex for the average person, so we’re distilling the experience down to a few easy steps,” Huobi VP of Global Business Ciara Sun said in a statement. “By reducing the barrier to entry and catering to both beginners and veteran traders, we’re vying for mainstream adoption across the globe, especially in underserved markets like Southeast Asia,” she added.
Established in 2013, Huobi has become one of the largest digital asset exchanges in the world with an accumulated turnover of more than USD 3 trillion. Huobi now serves over 5 million users in more than 170 countries. The company recently launched a local exchange in Thailand that allows users to trade in cryptocurrencies with the Thai Baht.
Huobi has round the clock security monitoring, access to global market liquidity and a dedicated 20,000 BTC security reserve fund that ensures safety for all digital assets traded by Huobi users.