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Huobi Global has joined hands with UK-based regulated crypto payment services firm BCB Group. A report unveiled this news on January 18, noting that this partnership will offer Huobi Global’s European clients reliable fiat on/off ramps. Apart from this, Huobi Global will also be able to connect its OTC trading desks to the banking system in the UK and Europe as a whole. As a result, the users of Huobi’s OTC platform will be able to complete transactions instantly in euros and pounds through BCB’s BLINC network.
According to the report, Huobi unlocked this achievement as doors start opening for crypto businesses. Not so long ago, crypto-related businesses had to move heaven and earth to secure the services of a bank that would provide a gateway to fiat currencies. As a result, numerous leading exchanges operated on a crypto-to-crypto basis.
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Per Oliver von Landsberg-Sadie, BCB Group’s founder and CEO, Huobi did not have a European fiat gateway. While he believes that the bar for getting a fiat gateway is high, Landsberg-Sadie said that Huobi jumped through several significant hoops before it finally partnered with BCB. Through this partnership, BCB will offer Huobi robust infrastructure to help the exchange go about trading seamlessly. Landsberg-Sadie added that Huobi would take delight in knowing its trades are happening in a regulatory-compliant and properly-monitored manner.
A streamlined and compliant partner
Commenting on this strategic partnership, Ciara Sun, VP and Head of Global Business at Huobi, said that the exchange is well aware of the importance of both a compliant and streamlined service. She added that joining hands with BCB allows Huobi to offer a European fiat on and off ramping service, which adheres to the laws of rules of the region. On top of this, this collaboration would allow Huobi’s customers in Europe to experience a smooth and hassle-free user experience, according to Sun.
This development has seen Huobi join Bitstamp, the only other leading crypto exchange, that leverages BCB’s BLINC payment network. Although BCB works with Coinbase and Kraken, these exchanges are not part of BLINC. However, Ben Sebley, a partner at BCB Group, noted that after Huobi, the company is planning to bank a few more exchanges soon.