In this edition of The Daily, we cover two announcements regarding fiat-to-crypto trading services. The U.S. subsidiary of Huobi has introduced pairs between three cryptocurrencies and the U.S. dollar and peer-to-peer platform Airswap has enabled users to exchange fiat currency for ethereum. There’s also a new development in the Quadrigacx saga – a judge has granted the troubled exchange temporary protection from creditors.
Huobi Introduces Fiat Trading in the US
The U.S. subsidiary of Singapore-based cryptocurrency exchange Huobi has launched trading pairs with USD, the platform announced on its website. Currently, verified users are able to purchase and sell bitcoin core (BTC), ethereum (ETH), and the dollar-backed stablecoin tether (USDT) with U.S. dollars, the post details.
To take advantage of the new fiat services, traders need to register for an Hbus account on the Huobi Marketplace, pass level one and two verifications via the ‘Account & Security’ tab and accept the terms under ‘Open a USD wallet.’ The option is available via the ‘Balances’ section.
The USD support has been provided through a partnership between Huobi.com and custody and escrow services provider Prime Trust. Users are also required to open a Prime Trust account and link it to their Hbus account. Hbus is the San Francisco-based partner of Huobi Global that runs the U.S. trading platform.
Huobi plans to reward the first 500 customers who open a USD wallet with 20 USDT. However, only traders residing in the U.S. are eligible to receive the rewards.
Airswap and Wyre Offer Support for Fiat Currencies
Thanks to a new partnership with Wyre, peer-to-peer trading network Airswap allows users to exchange fiat currency for cryptocurrency. The platform supports USD, GBP, EUR, and AUD. According to a post on Medium, traders will be able to purchase ETH with these currencies within their noncustodial wallet using the Airswap trading interface.
Wyre is a registered money service business licensed to operate in over 40 U.S. states. The integration between the two platforms allows investors to purchase cryptocurrency via ACH/wire bank transfers, without the need to deposit funds onto a centralized exchange. Commenting on the partnership, Wyre CEO Michael Dunworth stated:
Peer-to-Peer/OTC style trading is always a strong starting point for building meaningful liquidity. Airswap really gets this. Working with them to mitigate counter-party risk, without compromising on meaningful liquidity is so exciting to be part of.
Airswap noted in a statement that by enabling a fiat on-ramp to the network, it will “empower users to always maintain control of their private keys in an environment dedicated to supporting peer-to-peer trade.”
Judge Grants Quadrigacx Reprieve From Lawsuits
Crypto exchange Quadrigacx, which lost access to cryptocurrency worth millions of dollars after its founder’s alleged death, has been granted temporary protection from creditor lawsuits. Judge Michael Wood ordered a 30-day stay that precludes filing of claims against the digital asset trading platform, one of the largest in Canada.
Thousands of investors have been left without their funds after 30-year-old CEO Gerald Cotten reportedly died in December of complications from Crohn’s disease while in India, and some of them have threatened lawsuits. Cotten is believed to be the only person who had the passwords for the cold wallets containing around 190 million Canadian dollars (~$143 million) in cryptocurrencies.
“Despite repeated and diligent searches, I have not been able to find [the passwords] written down anywhere,” his widow Jennifer Robertson said in an affidavit, quoted by RTE. According to a court document, Quadrigacx owes 115,000 users a total equivalent to 250 million Canadian dollars (~$188 million).
Quadrigacx’s lawyer Maurice Chiasson told the court the company needs time to find the money it owes. The exchange is currently considering selling its platforms to cover the debts. A third-party monitor, Ernst & Young, has been appointed to help Quadrigacx manage its finances.
What are your thoughts on today’s news tidbits? Tell us in the comments section.
Images courtesy of Shutterstock.
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