On the occasion of BTCChina’s 3rd Anniversary celebration, Leon Li, CEO of Huobi, did not miss the opportunity to release the new platform BitVc. According to the company sources it is registered by Huobi’s subsidiary company in Hong Kong. Though the website www.bitvc.com is still in progress of Beta Test, it is expected in a couple of weeks it will start functioning.
Instead of a lot of fanfare, the CEO of Huobi opted for sober release wherein he handed out a few invitations for trial. According to him the orientation of this new independent platform is offering financial derivatives based on virtual currencies. Bitcoin has seen a hot and cold reaction from the authorities in China; however, he hopes that everything will go well in the end.
Currently, there are only Margin Trading and Yubibao (the CoinSaving product) on offer. Also, as domestic Chinese Bitcoin exchanges have closed the leverage margin trading, this Hong Kong registered BitVc restarted the service. Thus, the focus has all along been to fetch in few new customers even when going is tough.
A source from Huobi says that Yubibao is like a coin bank wherein people can transfer their Bitcoins and Litecoins to earn interest every day. He admits that coins can also be transferred out at anytime to exchange account for trading or withdrawal. Thus, trading and withdrawal both have been made easy for customers.
The announcement from Leon Li says that ‘BitVc will be officially launching on 31 July, and by September, there will be more Huobi new products coming out. The company hopes that Bitcoin will have a great future despite the fact that the government of China with its agencies has been attacking it for various reasons.
Bitcoin is the Future of Currency Says Leon Li
Earlier, as the cloud of uncertainty regarding their ability to continue operations, led many Bitcoin companies to shut their operation, resulted into decline in the price of the digital currency. Now, it looks as BitVc believes that the role of Bitcoin is going to expand further, traders or customers need to be objective and practical.
Over the last couple of months, there has been substations evidence that the People’s Bank of China has been putting a lot of pressure on Bitcoiners. Despite all that pressure coming from all sides, Beijing-based exchange Huobi sought to reposition its company’s services in response to the measures.
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