Huobi Exchange Joins GLASS Decentralized Liquidity and Settlement Network
Ever-expanding cryptocurrency exchange Huobi has joined the coming the Global Liquidity and Settlement System network (GLASS). The move peripherally brings the exchange one step closer to compliant access to the United States’ investor market. In being a GLASS member exchange, Huobi will be able to “settle secondary trades of digital securities by U.S. investors” and have access to the liquidity of all participating member exchanges, like OKCoin.
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SharePost’s GLASS Gets Huobi’s ‘Aye’
This week, liquidity solutions company SharePost declared that Huobi would be joining its decentralized liquidity and settlement network, GLASS. Billed as a compliance solution, the network will facilitate crypto exchanges streamlining regulatory compliance across many jurisdictions in collaborating on trades. The move also comes as Huobi has made an equity investment into SharesPost for an as-yet unknown amount.
Specifically, the GLASS system will enable exchanges to pool customers’ orders on select crypto trading pairs and let its members “match an offshore client in a digital securities trade,” thereafter submitting such an order “to the network’s licensed entity in the client’s home jurisdiction for compliant settlement.”
Of the new meld, SharesPost CEO Greg Brogger commented:
“We are very excited to see GLASS validated by such a highly respected trading platform. It signals the start of the next stage of development in the digital securities market, and we expect it will go a long way to clearing the cloud that the absence of a legitimate global compliance solution has cast over crypto markets for the last year.”
As part of its expansion plans, Huobi has also recently partnered with OpenFinance Network (OFN), a U.S.-based security token trading platform. The partnership will see Huobi pivoting further toward a footing in America’s regulated token market.
Toward Global Compliance Infrastructure
Wang Run, CEO of Huobi’s strategic arm Huobi Eco, said the exchange has always been committed to complying with the jurisdictions it operates in. With GLASS, then, Huobi can not only leverage superior liquidity but also enterprise-grade compliance:
“This is even more important as our market matures. Institutional and other investors who are now becoming active in crypto markets are seeking safe platforms regulated by trusted authorities. Becoming a member of GLASS will provide Huobi a way to serve these customers in every jurisdiction as well as serving as an important milestone for the establishment of the Huobi Global Ecosystem.”
It’ll be interesting to see what other exchanges may follow suit in joining the GLASS network. Huobi’s entrance will surely be enough to make some platforms take a closer look.
Will GLASS help Huobi increase its user base? Share your views in the comments section.
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