Huobi,
known as the ‘big three’ exchange of China is now introducing interest accounts
and margin trading to the bitcoin digital currency sector. Forex News analysts have said that new introduction is most
probably the first industrial move designed to allow the availability of
various types of traditional products to many serious online or digital
currency traders.
For this,
the company has incorporated its new platform named as BitVC, which is a
subsidiary company of Hong Kong possessing various margin trade platforms for
litecoin and bitcoin. Users will get the opportunity to borrow more than 200
percent of the total values of assets within their accounts or via combination
of values for CNY, LTC and BTC. FX Trade News reporters have further revealed that Houbi is also launching its new
brand named as Yubibao to deliver services in combination with BitVC and to
accompany the actual move.
Thus,
Yubibao has become a novel addition as well as a rare activity in the bitcoin
sector. In fact, it has become a saving account capable of providing users with
payments based on daily interests. Main idea behind the introduction of new
brand is to allow users of BitVC to deposit funds into their official accounts
with Yubibao, where balances remain available for many traders to borrow. An
interesting fact in this case is that individuals can perform both withdrawals
and deposits within small span of time.
“Yubibao’s system
pools the resources available for lending for anyone to dip into; the advantage
for lenders being that they can start receiving interest immediately.”
Coin Desk
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