Ethereum Trading is Coming to Chinese Bitcoin Exchange Huobi

Photo: Finance Magnates

China’s Huobi, one of the largest Bitcoin trading venues in the world, has announced that it is adding Ethereum (ETH) trading. The exchange will enable ETH transactions starting tomorrow, May 31, 2017.

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Huobi says that cryptocurrency traders have repeatedly called for the addition of ETH transactions. It has decided to add Ethereum trading support only now after considering “team capacity, stability, iterative capabilities, market liquidity and other factors”.

The recent meteoric price rise by Ethereum must have helped as well. The ETH/USD exchange rate now stands at about $216. For perspective, the price only reached a record high of $100 for the first time earlier this month and was valued at only about $20 not long before that.

With a market cap of just about $20 billion, Ethereum is the second most valuable blockchain after bitcoin and its worth is over half that of the leading cryptocurrency.

Road map

Interestingly, Huobi has also released the methodology it used to evaluate if Ethereum is ready to be added for trading. This revealed that it may consider adding more cryptocurrency trading options for its clients in the future.

The list includes: Litecoin, Ripple’s XRP, Dash, Zcash, Dogecoin, Monero, MaidSafeCoin, Decred, Steem, Ethereum Classic (ETC), NEM, Augur, PIVX, Golem, Tether, Waves, Iconomi and DigixDAO.

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