BlockchainHuobi Unveils Plans for Fiat Gateway

FintecBuzz FintecBuzz1 month ago7 min

Huobi Global announced ambitious plans for Turkey at the Eurasia Blockchain Summit, starting with the launch of a Turkish Lira (TRY) fiat gateway.  Huobi reveals the fiat gateway is the first to be launched by a global exchange, providing Turkish users an accessible gateway to trade more assets with greater liquidity. During its opening remarks, the leading exchange platform and host of the inaugural event in Istanbul also unveiled the successful formation of a local team, localized language option on web (https://www.hbg.com/tr-tr/) and mobile app, exclusive trading fees, and a detailed strategy for Huobi Turkey and its crypto-friendly population.

The wave of conference announcements follows Huobi’s previous declaration to expand into the Turkish market. The Turkish Lira (TRY) on-ramp is estimated to be launched by year’s end with a TRY/USDT pairing. The service will provide users a means to easily deposit fiat currency via wire transfer and exchange for Tether (USDT) to trade crypto-to-crypto on Huobi Global. Alongside the launch announcement, Huobi also took the opportunity to outline an exclusive fee program for Turkish users to trade with 50% discount on transaction fees (0.1%) and as low as 0.07% transaction fees by holding Huobi Token (HT). The All Star VIP Program will also open to Turkish professional traders to trade with fees as low as 0.0078% across both Spot and Margin trades.

“In June, we first announced a series of initiatives to be rolled out in Turkey over the next several months, and we have since fulfilled these promises to the Turkish community,” said Livio Weng, CEO of Huobi Global. “Turkey is an important region for us, and we plan to bring Huobi’s six years of industry expertise, advanced ecosystem, and a standard of trust to the market, and trigger key conversations around long overdue for a thriving crypto community.

Mohit Davar, Regional President of Huobi Group, announced during the summit the establishment of a local team to head up its community, customer service, and business development efforts on the ground.

“Beginning with the landmark introduction of TRY/USDT trading, we will continue to demonstrate our deep commitment to the community via localized approaches to grow the market directly from our team in Istanbul,” said Davar.

The first annual Eurasia Blockchain Summit successfully brought together key industry leaders, Turkish government officials, and C-level representatives from local banks. Hosts Huobi Group and Kemer Partners realized their vision to have leading blockchain companies sit together with local establishments and discuss how they can support new projects as well as collaborate with traditional enterprises to adopt blockchain technology. Huobi Group CFO Chris Lee, Huobi University President Jianing Yu, and Huobi Research CEO Hubery Yuan all made appearances at the summit where they met with Turkish startups and projects to discuss partnerships at the local level.

Turkey has evolved into a thriving crypto-friendly nation and a theater of commerce for exchanges and blockchain businesses. Last month, the Turkish government revealed plans to create a national blockchain infrastructure to aid the public deployment of distributed ledger technology. Bitcoin is as popular as forex in Turkey, where 20% of the populace owns cryptocurrency, and the Lira is the fifth most popular fiat-crypto pair in the world.

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