Global crypto exchange Huobi will soon allow Turkey residents to buy cryptocurrencies with their local fiat currency, the Turkish lira. The plan could see an increase of more than 250 cryptocurrencies for local investors.
In an announcement made on Friday, Huobi plans to open a fiat gateway in turkey by the end of the year. I will begin with a lira/ (TRY) tether (USDT) pair. This means users will be able to deposit lira through wire transfer; exchange it for tether, and then trade it with other cryptocurrencies Huobi Global supports on its platform. The company announced the plan at Eurasia Blockchain Summit in Istanbul on Friday.
Moreover, back in June, the firm announced its plan to get more involved in the Turkish market. However, it did not disclose the details at the time. However, it said it will be moving “aggressively” into the country over the next 12 months.
Huobi Turkish Discounts
Alongside the launch announcement, Huobi also took the opportunity to detail 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 open to Turkish professional traders. They will trade with fees as low as 0.0078% on both Spot and Margin trades.
Furthermore, according to Livio Weng, CEO of Huobi Global:
“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. 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.”
Additionally, Mohit Davar, Regional President of Huobi Group, announced the establishment of a local team; to head up its community, customer service, and business development efforts.
“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,” noted Davar.
In conclusion, lately, turkey has evolved as a cryptocurrency-friendly nation and a hub for commerce and Blockchain business. Recently, the Turkish government revealed plans to develop a national blockchain infrastructure to aid the public deployment of distributed ledger technology.