The Daily: Huobi Unveils HUSD, New Cryptocurrency Loans Launch

The Daily: Huobi Unveils HUSD, New Cryptocurrency Loans Launch

The Daily

It’s been a week for stablecoin stories in the crypto sphere, and while we’d like to have started the weekend on a different tack, Huobi’s effort was too intriguing not to share. We’ll also detail the latest cryptocurrency lending options in Saturday’s edition of The Daily and consider a topical Halloween costume for bitcoiners.

Also read: Bitcoin Cash Merchant Directory Marco Coino Surpasses 500 Listings

Stablecoins Get Meta With HUSD

Stablecoin mania is spreading, and now it’s starting to get meta. Huobi, the world’s second-largest exchange by trading volume, has announced the launch of HUSD. This isn’t technically a stablecoin though: it’s an integrated solution that contains multiple stablecoins. The aim is to save traders from having to choose between multiple pegged coins. Many exchanges, Huobi included, now list numerous stablecoins which are often paired against one another.

The Daily: Huobi Introduces HUSD, New Cryptocurrency Loans Launch

Huobi explained: “When you deposit any kind of stablecoins, they will be shown as HUSD in your account. You may withdraw any kind of stablecoin … For example, when you deposit 1 PAX, it will show as 1 HUSD in your account, and you can withdraw 1 TUSD.” Given that stablecoins can generally be relied on to adhere to the U.S. dollar, the solution ought to save hassle for Huobi and its customers alike. Initially, PAX, TUSD, USDC, and GUSD will be incorporated under the HUSD umbrella. The Singapore-based exchange finished:

We look forward to more stablecoins being involved in the HUSD system. Concurrently, we will evaluate the existing stablecoins in the HUSD system on a real time basis, if the stablecoin doesn’t meet the corresponding risk control standard, we will remove it.

Salt Expands Cryptocurrency Loans

The number of cryptocurrencies that can be used as collateral is growing. “Very Lending, Much Liquidity,” read the email Salt used to introduce its latest altcoin lending option. Cryptocurrency users can now deploy DOGE as collateral, along with BTC, ETH and LTC, and obtain a loan starting from $5,000. Crypto-fiat loans can be obtained for between one and 36 months, with an APR that starts at around six percent.

The Daily: Huobi Introduces HUSD, New Cryptocurrency Loans Launch

Crypto Twitter Goes NPC

The non-player character (NPC) meme has been inescapable this week, and it only seems fitting to sign off with crypto Twitter’s take. Cryptocurrency factions never need much prompting to dehumanize and goad one another, and it was inevitable that the NPC meme, which depicts opponents as programmatic non-entities, would catch on. One Twitter user has proposed a bitcoin-themed Halloween costume, accompanied by the sort of stock insult that an NPC might utter:

The Daily: Huobi Introduces HUSD, New Cryptocurrency Loans Launch

Meanwhile, a visitor to Ripple’s headquarters joked that some NPC programming may have been taking place:

What are your thoughts on today’s news tidbits as featured in The Daily? Let us know in the comments section below.


Images courtesy of Shutterstock, Huobi, Salt, and Twitter.


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Is Demand For Bitcoin Mining in Decline? Chip Maker Slashes Target

Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest dedicated independent chipmaker, has predicted a drop in demand from the cryptocurrency mining community in the fourth quarter this year. The growth target of 7 to 9 percent was slashed to 6.5 percent partly due to the demand dynamics of bitcoin miners.Crypto Mining Demand For TSMC Chips to Weaken Further In Q4 2018, Says CEOC. C. Wei, Chief Executive Officer and Vice Chairman of TSMC told investors at the company’s third quarter 2018 earnings conference that business growth would be offset by “continued weakness in cryptocurrency mining demand”.“Moving into fourth quarter, despite the current market uncertainties, our business will benefit from the continuous steep ramp of
7-nanometer for several high-end smartphones as well as the demand for 16/12-nanometer for the launches of new-generation GPU and
AI. However, this growth will be partially offset by continued weakness in cryptocurrency mining demand and inventory management by
our customers.”
The company forecasts growth between 5 and 7 percent for the overall semiconductor market excluding memory, while foundry is expected to grow between 6% and 7%. Weakening demand from cryptocurrency miners has forced the firm to adjust the growth estimate to 6.5 percent in U.S. dollar terms, according to the chief executive.“However, our business is also negatively impacted by further weakening of cryptocurrency mining demand. As a result, we estimate our 2018 growth rate will be about 6.5% in U.S. dollar term, which is close to the foundry industry’s growth but slightly below our 7% to 9% guidance given in the last conference.”The downshift in mining profits is the main responsible for the company’s revision of its full-year sales target, citing uncertainty in the cryptocurrency market as its reason. In April, the Taiwan Semiconductor Manufacturing Company lowered its 2018 revenue guidance to 10% growth from 10-15%, estimating that about 10% of the Asian chipmaker’s revenue depends on cryptocurrency mining demand.Moreover, the entrance of Samsung in the global cryptocurrency mining sector could be providing TSMC their first real competitor in the sector, which in turn, may eventually push the company to lower its sales targets in years to come. Samsung has started the production phase of bitcoin and cryptocurrency mining equipment and ASIC mining chips earlier this year. The company intended to manufacture GPU miners for miners targeting small cryptocurrencies in the upcoming months.President Trump’s trade tariffs, on the other hand, may hurt future trade volumes of Chinese companies producing cryptocurrency mining hardware. This may eventually benefit TSMC as competitors from the People’s Republic of China will have a hard time in the race for the U.S. market.

Major Online Rental Platform Allows Users to be Paid in Ripple

Omni, the online item rental and storage management startup, is now allowing its users to get paid in Ripple, capitalizing off of the cryptocurrency boom. The addition of the XRP payment method comes after the startup raised $25 million in XRP this past January.The company will be paying users out of their own stash of XRP, which is worth significantly less than it was in January, but users will still have the option to cash out in USD if they aren’t interested in the volatility of cryptocurrency.Omni’s founder and CEO, Tom McLeod, spoke to TechCrunch about the company’s latest move, confidently expressing that all companies should have a crypto strategy in order to prepare for the future.“I think any company scaling today has to have a crypto strategy. This is the start of ours,” he said.Omni originally began as an item storage solution that is significantly more efficient and cost effective than traditional storage methods, like renting a storage unit. When a user has an item that they need stored, Omni sends a representative to pick up, photograph, and transport the item to a large storage facility, which proves to be significantly cheaper than renting an entire storage unit for one item.Once a user needs the item (or items) back, they can request to have them delivered to their residence within a few hours of sending the request, 24/7. The service has since added another, more profitable, feature, called Marketplace, that allows users to rent out their unused items while generating side income.Omni is now requiring users to itemize the unused items that they are looking to rent, rather than grouping them in one container for Omni to take. User’s looking to offload and rent out items grouped in a suitcase or a large container now must pay double the storage fee, while collecting the same rental profits from the items in the container.“Marketplace is driving Omni growth, and has always been the core of the long-term vision. Closed containers don’t grow the business, but move almost as much. We’re basically the same price as competitors now for them. It also makes it potentially more likely that small items will be itemized. We’re going to launch kits/playlists that will allow for grouping in the coming months,” McLeod explained.Omni’s services are currently available in San Francisco and Portland, but will likely expand to other major cities in the coming months.Ripple Could Benefit Both Omni and UsersIn addition to offloading their bag of XRP, both users and Omni can benefit by collecting profits in cryptocurrency. Users can unlock liquidity in their items while growing their investment portfolio, while Omni can lower their transaction fees that they are forced to pay when users cash out and transfer USD.McLeod explained the double-sided benefits of using XRP, saying:“In every other crypto investment scenario, you have to risk your cash — this way you can put items you already own to work for you and have them earn XRP while you relax. With this integration, you can basically double dip on ownership-as-investment by both unlocking liquidity early and investing some or all of the proceeds back into the crypto markets.”Featured image from Shutterstock