Huobi Technology Holdings, the Hong Kong-listed virtual asset platform, has launched a cryptocurrency over-the-counter (OTC) service.
It has been reported that Huobi Technology has been actively moving into the cryptocurrency industry in recent years but operates independently of Huobi Group, the entity that owns the Huobi Global cryptocurrency exchange. Listed on the main board of the Hong Kong Stock Exchange (HKEX) since 2016, Huobi Technology was originally known as Pantronics Holdings, an electronic product maker founded back in 1990.
A spokesperson for Huobi said that the two companies share some shareholders but they are two separate legal entities. According to the latest announcement, Huobi Technology now allows investors to trade crypto via OTC using crypto block trading services and fiat currencies like the US dollar.
However, the firm plans to expand it to the euro, the British pound, and the Hong Kong dollar in the near future. Huobi Technology has introduced several crypto services in recent years, now supporting virtual asset management, custody, trust, and lending. The company holds a wide number of licenses, including the security and asset management licenses from the Securities and Futures Commission of Hong Kong, as well as a trust of company service provider license in Hong Kong.
The report said that Huobi Tech has also obtained a retail trust company license in the state of Nevada via a wholly-owned subsidiary. Amid Huobi Technology’s entry into the crypto industry, the company’s stocks saw a sharp increase last year, briefly topping above $3 in April 2021, according to data from TradingView. The stock subsequently plummeted afterward, dropping below $1 in late 2021.
Thus, a number of crypto-linked HKEX-listed companies like OKG Technology and BC Technology Group were also falling in late 2021 amid China’s crackdown on the crypto industry enforced in September. As of March 3, the shares are trading at $0.89.