On its first anniversary, Chinese Bitcoin exchange Huobi expressed its intention in becoming one of the leading Bitcoin company in the ecosystem by tackling all parts of the industry as it unveiled three unexpected new offerings: BitYes, an international USD-based trading platform; DigCoin, a hosted mining service; and DangPu, a P2P crowdfunding platform.
Hong Kong-based cryptocurrency trading platform BitYes
BitYes is a digital currency trading platform offering trading in US dollars, Bitcoin and Litecoin. Established in February 2014, BitYes is registered in Hong Kong and is owned by Bit International Financial Services Company, Ltd.
Users can deposit USD into BitYes through payment processor EgoPay for transfers not exceeding $10,000, or by wire transfer for larger amounts.
According to GetNonce, deposits from main land China or the US are not accepted for regulatory purposes.
BitYes' fees vary whether the user's identity is verified or not. In both cases, the platform charges between 0.05% and 0.2% fees per transaction. Cryptocurrencies deposits and withdrawals are free of charges, and USD deposits cost a 1% flat fee. While verified users can deposit and withdraw up to $1,000,000 daily, unverified users are limited to $1,000 of maximum deposits and cannot withdraw any fiat. USD withdrawals cost between 0.1% and 2%.
Hosted mining solution DigCoin
DigCoin is a hosted mining solution, which differs from traditional cloud mining providers as it sells mining machines bundled with a perpetual hosting plan.
The electricity costs and technical risks are taken over by the company against a "small percentage of mined bitcoins", and sources from Huobi told GetNonce the mining activity was installed in the Inner Mongolia Ethnic Minority Autonomous Region, a cool and arid area located in northern China.
While the Bitcoin community has been worried about potential Ponzi schemes run by unprincipled cloud mining providers, DigCoin promised not to sell the same machine twice and will enable users to audit its total hashing power, currently estimated at 3537 TH/s as reported by GetNonce.
P2P crowdfunding platform DangPu
DangPu is a unique P2P crowdfunding platform that allows users to borrow fiat money by using their bitcoins or other eligible digital assets as collateral.
A fundraising project goes live when all the registration steps have been completed, and after the borrower's pledge of bitcoins has received at least two confirmations by the Bitcoin network.
Fiat money isn't handled by the company because of transparency concerns, and third parties handle both raised funds and repayments. A minimum of 100 Yuan (16 USD) can be invested in an on-going crowdfunding project featured on DangPu.
At about the same time, Huobi also announced BitVC a digital currency investment and financial management platform, which is also a service owned by Hong Kong-based Bit International Financial Services Company, Ltd.
Last weekend, two large gala events in Beijing were hosted by Chinese Bitcoin exchanges Huobi and OKCoin. While Huobi celebrated its first anniversary on Saturday, OKCoin organized a mini-conference on Friday. The events took place in five-star hotels in the capital and featured several Chinese Bitcoin enterprises and entrepreneurs.
Following the announcement of Huobi's new products, CEO Leon Li stated:
"Huobi is more than a bitcoin exchange, it is a comprehensive bitcoin services company."
In fact, when considering Huobi's wide and diverse products range, it is now clear that the Chinese company is intended to emerge as a cryptocurrency-centered conglomerate.
As mentioned by BTC China in a recent tweet, Bitcoin trading in Chinese Yuan has been consequently increasing since last November, when the CNY market surpassed the USD market. On September 5, it was reported that 71% of Bitcoin trades occurred in CNY:
Did you know 71% of #Bitcoin trades in past 30 days occurred in the #CNY market? Chart via bitcoinity t.co/MY3zwvX44D
— BTC China (@btcchina) September 5, 2014
With respectively about 15,000 and 11,000 BTC traded everyday on OKCoin and Huobi, the two Chinese Bitcoin exchanges are leading the market in volumes while operating around 52% of all the Bitcoin trading activity in the world, according to BitcoinWisdom's charts, a series of numbers that shouldn't leave anyone unmoved.
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