Huobi to open fiat-to-crypto gateway in Turkey

Posted 18 October, 2019

Singapore-based exchange Huobi is seeking to gain a foothold in Turkey, which it identifies as a prospective active market based on data about cryptocurrency ownership. The exchange stated the first step in its expansion into the Turkish market should go live by the end of the year. Soon residents of Turkey will buy cryptocurrencies with their local fiat currency, the Turkish lira.

“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.” - said Huobi Global CEO Livio Weng. 

The exchange will be moving “aggressively” into the country over the next 12 months. A dedicated outpost will administer Huobi Turkey, with Turkish language support already live on the website.  

The first trading pair to launch will be against the lira (TRY) and stablecoin Tether (USDT) $1.00302 -0.01%. The exchange is offering Turkish users a 50% discount on transaction fees at 0.1%, and even lower transaction fees at 0.07% for those who hold its native token Huobi Token (HT).

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