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Huobi for faster payment system with Banxa integration

Photo of: Janeth Diamond
by Janeth Diamond

Huobi, the Seychelles-based crypto exchange has repeatedly brought a lot of disruption owing to its bent towards technology and solutions that can transition the present market. In one of its similar moves, It has notably integrated fiat-to-crypto payment service Banxa to its trading platform but without any fees. 

As per the further information, based on the announcement made yesterday, the service will be extended to users in Australia, the U.K., and the European Union (EU). The new integration will enable them to purchase cryptocurrency on Huobi’s Buy Crypto page through different payment methods available in the respective regions. This service can be availed right from today. 

The new payment gateway is a much welcome move and the users who wish to avail of the service can do so on the new payment gateway on the Huobi OTC site. They can further purchase up to $20,000 worth of crypto in AUD, GBP, or EUR if they intend to begin trading. The funds in question can be instantaneously added to a user’s account with the help of bank transfers, or plastic cards including debit and credit card. If not for these payment methods, the users can use their own preferences provided the payment methods come with zero fees. 

As per the announcement, the users who want to avail of the service will have to submit a one-time identity verification as a part of the entire transaction process. Specifically for the users in the UK market, the users can access the service through a new in-built solution in the concept which is through Faster Payments bank transfers. The users in the European Union nations can access the services through the Single Euro Payments Area (SEPA) initiative while the Australian users can engage in purchases through the payments platform POLi. 

Huobi is the world’s third-largest crypto exchange in terms of derivatives trading volume. Last month the crypto exchange had launched a new crypto savings product which offered interest rates much higher compared to that of traditional banking services. The new crypto savings product will be available to roughly 1,000 users wherein each individual account will have a limit of 3,000 Tether limit or the equivalent of Bitcoin. 

When the new crypto savings product was launched it was restricted in some countries such as China, Hong Kong, Japan, Singapore, the United States, Germany, Canada. Thanks to the new product offering Huobi has opened doors to financial empowerment through impressive interest rates. The plan is flexible which will enable users to make both deposits and withdrawals at any time. Interest will be paid out to users every day. 

Banxa known to be a digital banking infrastructure provider has its offices in Melbourne, Australia and Amsterdam have apparently raised $2 million in a Series A round in January after it partnered with Huobi rival Binance. It also now intends to expand to the US in July. Ciara Sun, Huobi Global’s head of global business and markets, also was slated to make public the integration on Wednesday in a virtual event,  invest: ethereum economy.