A Chinese cryptocurrency trading platform is offering to make it easier for traders to convert their crypto-coins into cash.
The company, Huobi, announced the new service last week in a blog post titled “A Bitcoin for China”.
The company says that it is aiming to make trading of the new crypto-currency as easy as possible.
The service aims to make the process of exchanging BTC and LTC as simple as possible, as well as adding a feature to allow customers to trade BTC or LTC for cash, a cryptocurrency exchange service.
Huobi’s blog post is a long way from a mainstream news outlet or a major exchange.
But it was an important announcement to the bitcoin community, which had seen its BTC prices plummet and its value crash amid the recent surge in Chinese capital outflows.
Huobei’s new service is a product of its partnership with the Chinese bitcoin exchange BTC China, which Huobi has bought for $300 million.
The new service was developed in cooperation with BTC China’s head of digital products, Li Zhaoren, according to the blog post.
“We have always been in the business of working with the community and we are very excited to have this collaboration,” Li said in a statement.
“Our aim is to make Huobi an ideal platform for BTC China to help our customers achieve their goals and become more efficient, more transparent and more profitable.”
Huobi also aims to offer a number of services for its users.
Huobian will offer a bitcoin-to-LTC and BTC-to–LTC exchange service, as will Huobi Exchange, a trading platform for LTC, which will be launched later this year.
Both of these new services will use the Bitcoin blockchain to manage the flow of crypto-currencies.
“This partnership is a good first step towards creating a digital asset that will be more transparent, secure and competitive in the cryptocurrency market,” Huobi co-founder and CEO Zhou Hao said in the statement.
The price of bitcoin has risen from less than $1,000 per coin to over $4,000, and there is plenty of speculation about its value going up.
The Chinese currency has more than doubled in value in the last 12 months.
On Friday, the price of one bitcoin reached $6,539.90, compared with about $5,000 in January.
The value of the LTC price, meanwhile, has increased by about 50% since January.
According to a Reuters report, Huobein is a joint venture between BTC China and Huobi.
BTC China owns the company.
The two companies have a total of 888,000 members and their average trading volume is around $1.5 billion per day.