Singapore based crypto exchange Huobi will launch a fiat gateway for Turkish lira at the end of the year.
Huobi’s fiat onramp for lira will be the first fiat gateway launched by the global exchange, Huobi Global. It was announced during the opening event at the Eurasia Block Summit on Oct. 18.
Huobi’s Turkish Expansion
The company unveiled details on its expansion to Turkey by stating that it has successfully established a local team with localized language option, a mobile app, an exclusive trading fees as well as a detailed strategy regarding its Turkey expansion.
What is Huobi's plan to build the 🇹🇷#community ? Mohit Davar, Regional President Huobi Group, shared his vision on how Huobi will expand in Turkey. Great news for the Turkish community! 🔥1.Lira to buy #crypto before year end! 🔥2.Turkey exclusive fees promo! pic.twitter.com/Hin3MVQnCF — HuobiGlobal (@HuobiGlobal) October 18, 2019
The launch will enable Turkish users to deposit fiat currency through wire transfer to exchange for major stablecoin Tether (USDT) where it will be then used for trading crypto-to-crypto on Huobi Global.
The users of Huobi in Turkey will be able to trade with a discount of 50% on the transaction fees. It can be further decreased by holding Huobi’s native token Huobi Token (HT).
An on spot discount fees of up to 0.0078% and margin trades for the Turkish professionals’ traders with the All-Star VIP Program.
Turkey- A Crypto-Friendly Nation
The expansion of Huobi in the Turkish market is driven by the increase in the popularity of cryptocurrencies in the country.
Turkey is a country where 20% of the population holds some form of crypto which is the “highest per capita rate of cryptocurrency ownership of all nations surveyed,” the firm said.
How will crypto be adopted in 🇹🇷? At #EurasiaBlockchainSummit: Chris Lee, CFO of Huobi Group, provides insights on how adoption is a race in the #blockchain market. 🔥"Turkey is one of the ideal hubs for blockchain with great potential in #adoption of digital assets."🔥 pic.twitter.com/iBhd5UXRes — HuobiGlobal (@HuobiGlobal) October 18, 2019
The regional president of Huobi Group Mohit Davar stated at the even that Huobi’s Turkish arm will operate in compliance with local regulations
“For Huobi, what’s important is to go into a market in a compliant way. […] We talk to the stakeholders to make sure we are working closely with them in a controlled fashion. That’s why we take our time preparing.”
In the mid of September, the Turkish government announced plans to form a national blockchain infrastructure in its public administration.