Cryptocurrency exchange Huobi will soon have an onramp for various European fiat currencies following a new partnership with BCB Group.
The two firms announced that they have joined forces, with Huobi set to benefit from the various services that BCB Group offers. The firm offers payment services that allow clients to send fiat currencies to various cryptocurrency service providers. It’s list of clients include the biggest cryptocurrency exchanges in the world, including Bitstamp, Coinbase, Kraken, Gemini, Galaxy, BitPay, Circle
According to the official press release from BCB, the partnership will specifically help Huobi manage its over-the-counter (OTC) desk as well as foreign exchange flows. BCB’s BLINC settlement network will also provide Huobi with instant fiat settlements which will be key in improving OTC trading.
Before this partnership Huobi did not have access to a European fiat currency onramp/offramp service provider.
Huobi VP and Head of Global Business Ciara Sun said the partnership provides their firm with a tried and trusted payment settlements provider.
“Partnering with BCB allows us to offer a European fiat on and off ramping service that we know is in line with the laws of that area, but it also allows our customers in Europe to experience a smooth and hassle-free user experience,’” Sun said in a statement.
Russian Ruble onramp also rolled out in January 2021
Earlier in January Huobi announced that it would be rolling out a fiat onramp/offramp for Russian rubles which would allow its users to deposit and withdraw the currency on the platform.
The new feature added trading pairs with the ruble which allows users to buy BTC, ETH, LTC, USDT, EOS, BCH, ETC, BSV, DASH, HT and HPT with the Russian fiat currency.
KYC measures are enforced for users looking to trade with rubles but users are also capped at 100,000 ruble ($1350~) deposit and 50,000 ($675~) ruble withdrawals.