Huobi Launches BitYes, an USD-based Platform for Trading Bitcoin and Litecoin

Bitcoin exchange Huobi commissioned new BitYes platform that will allow users to trade litecoin and bitcoin.

Photo: BitYes

Photo: BitYes

Chinese bitcoin exchange platform Huobi has released new USD-based service, called BitYes, enabling users to trade litecoin and bitcoin. The company made an announcement while celebrating its first anniversary in Beijing on Saturday.

The service, with a 24/7 English customer support, will be available for users through such social networks, as Reddit, Twitter and Facebook. Besides, BitYes will feature a premium VIP system that will offer additional services for certain users.

BitYes charges 0% bitcoin and litecoin withdrawal and deposit fees, 0.2% fee for standard trading, 2% Egopay withdrawal fee, 0.1% fee for withdrawal to bank card and 1% fee for fiat currency deposit.

Notably, the first 1,000 BitYes users, as well as $1,000 depositors will be able to trade free within 30 days.

In order to deposit $10,000 or more into BitYes, the users have to send an email to customer support in order to receive transfer instructions. If users want to send less sum of money, they are directed to EgoPay.

The platform is targeted at international users, but is registered to Huobi’s Hong Kong subsidiary, Bit International Financial Services Ltd. According to the company, it will ensure secure legal environment and better service. Chinese government has not yet made any comments on the exchange.

The service was translated to five languages, which are English, Chinese, French, Russian and Portuguese.

To provide regulatory compliance with various jurisdictions, BitYes also cooperated with major law companies.

During the last months, Huobi has significantly expanded, as it realized a number of launches and acquisitions. Some of the new offerings are not related to the exchange business.

New products were launched with an aim to attract a wide range of virtual currency users. Moreover, Huobi wants to minimize its dependence on the market in China, which is characterized with regulatory uncertainty. The new services have been launched in both English and Chinese versions.

For example, BitVC, a part of Bit International Financial Services Ltd. It is a non-fiat exchange specializing in futures and margin trading and providing Yubibao interest-bearing wallets, the Qukuai/Blockinfo block explorer, the multi-signature Quickwallet, P2P lending platform and mining-linked investment products.

Quickwallet enables users to make instant-confirmation deposits to the exchange from their wallets. It is expected to integrate with BitYes in the future.

Huobi currently holds 103% of claimed bitcoin reserves and was able to improve its operations within regulatory framework in China that has once threatened to stop bitcoin industry development in the country.

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