Huobi’s Bold Move into Turkey
In late 2019, Singapore-based crypto exchange Huobi announced an ambitious plan: the launch of a fiat gateway for the Turkish lira. This initiative marks a significant milestone as it positions Huobi as the first global exchange to introduce a fiat onramp for this currency. The revelation came during the Eurasia Blockchain Summit on October 18, signaling Huobi’s commitment to penetrating the lucrative Turkish market.
A Localized Experience for Turkish Users
Understanding the need for a culturally relevant approach, Huobi has successfully established a local team and a localized language option. This means that Turkish users will not only have access to a mobile application tailored to their needs but can also enjoy the benefits of exclusive trading fees. The Huobi Global team is clearly focused on ensuring their operations resonate with local traders.
How the Fiat Gateway Works
The fiat gateway allows Turkish users to deposit funds through wire transfers, trading these for Tether (USDT), a major stablecoin. This mechanism provides a bridge to the crypto world, enabling users to engage in crypto-to-crypto trading on the platform. And as if that wasn’t enticing enough, Turkish traders can enjoy a jaw-dropping 50% discount on transaction fees. The cherry on top? Those who hold Huobi’s native token, Huobi Token (HT), can enjoy even more discounts!
Trading Incentives and VIP Programs
Huobi is rolling out the welcome mat for professional traders. With an astonishing discount of 0.0078% on spot and margin trades for members in the All Star VIP Program, it’s no wonder they’re creating buzz in the local crypto community.
The Bigger Picture: Crypto Adoption in Turkey
The launch of the lira onramp is part of a broader strategy for Huobi, which CEO Livio Weng hinted at during an earlier announcement back in June 2019. Notably, Turkey boasts an astounding 20% of its population engaged with cryptocurrencies, the highest per capita rate of cryptocurrency ownership globally. This burgeoning interest underscores an immensely promising market.
Compliance and Collaboration: Key to Success
In an era where regulatory scrutiny is rampant, Huobi’s regional president, Mohit Davar, emphasized the importance of compliance during the summit. “For Huobi, what’s important is to go into a market in a compliant way,” he stated, highlighting the company’s effort to collaborate closely with local stakeholders to control the market entry process effectively.
Turkey’s Blockchain Initiative
As if the crypto landscape wasn’t already exciting enough, in mid-September, the Turkish government unveiled plans to establish a national blockchain infrastructure. This initiative aims to integrate distributed ledger technology into public administration, further setting the stage for a thriving crypto environment in the country.
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