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Chinese Bitcoin Exchange Huobi Launch Virtual Currency Derivative

Avatar Jayanand Sagar 5 years ago

As the bitcoin/digital currency landscape in the People’s Republic of China continues its evolution, major exchanges are looking for ways to expand their business models to, well, stay in business.

Such is the case with the Huobi exchange. At the BTCChina 3rd anniversary celebration that took place this weekend, Huobi CEO Leon Li announced a new platform dubbed BitVc.

It’s a derivatives-based platform that includes margin trading, though as of current, it’s very much still in beta. In fact, Leon Li handed out a few invitations to beta test the service, which launches to the public on the 31st of July.

One of the other services offered by BitVc is something called “Yubibao”, which acts as a sort of bank account by allowing users to transfer coins into a specific account and earn interest on them.

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According to Li, BitVc is registered to Huobi’s subsidiary company in Hong Kong. Additional services coming from the Huobi camp are forthcoming, too. Li says that he expects these new products to make their debut some time in September of this year.

Certainly, some interesting developments. But will the Chinese buy into Huobi’s new venture? Time will tell, but it doesn’t see that the bitcoin craze in the country has ended yet.

[textmarker color=”C24000″]Source[/textmarker] Bitell

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