Huobi Announces Turkish Lira Tether Fiat Gateway

The Huobi exchange will soon allow residents of Turkey to buy cryptocurrencies with their local fiat currency, the Turkish lira.

October 18, 2019, | AtoZ MarketsHuobi is a global cryptocurrency financial services group. In 2013, the founding team foresaw the enormous potential of the blockchain industry to revolutionize the future of the global financial system. Soon, they founded with a mission to both make the financial sector more efficient and make the wealth more accessible to all.

The Huobi is dedicated to providing safe, professional, trustworthy, and world-class services to its global customers to create a first customer culture. The exchange has offices in Singapore, the United States, Japan, Korea, Hong Kong, and is spread in over 130 countries around the world.

Huobi Expands to Turkey

Huobi Global has announced that it will open a fiat gateway in Turkey by the end of this year. And it will be starting with a pair of lira (TRY) and Tether (USDT). This means that users will be able to deposit lira by bank transfer and exchange it for Tether. Then they trade it with other cryptocurrencies Huobi Global supports on its platform.

The exchange offers Turkish users a 50% discount on transaction fees at 0.1%. And it even offers transaction fees of less than 0.07% for those who hold their own Huobi Token (HT) token.

Huobi Global focuses on Turkey

“Turkey is an important region for us,” said Livio Weng, CEO of Huobi Global. The exchange first announced its intention to expand to Turkey in June. It will move “aggressively” into the country in the next 12 months.

In today’s announcement, Huobi said bitcoin is as popular as forex in Turkey. 20% of the population owns some form of cryptocurrency. And it also said lira is the fifth most popular fiat-crypto pair in the world.

Binance also scheduled to open a fiat-to-crypto gateway in Turkey earlier this year, among other countries. Huobi said today that he actually beat Binance in the race to win over the Turkish crypto community. And it also beat Binance with the launch of Argentina.

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