Huobi Will Launch a Turkish Lira/Tether Pair This Year
NEWS
October 18  |  2 min read

Huobi Announces Launch of Fiat-to-Crypto Gateway for Turkish Lira by End of Year

The COIN360 Editorial Team

The cryptocurrency exchange Huobi announced this Friday their plan to open a fiat gateway for residents of Turkey in which they’ll be able to deposit the national coin (TRY) through their banking accounts and exchange it for tether (USDT), thus giving them access to more than 250 cryptocurrencies.

Huobi’s EMEA regional president Mohit Davar stated that the exchange has been working with one of the country’s largest local banks since June to build the infrastructure and compliance standards for the fiat gateway, and that they have already started testing the platform.

Back in June, Huobi made an announcement stating they would be moving into the country over the following 12 months as part of their global expansion plans and that they had added a Turkish language option to the Huobi Global website. The move also includes a branch office with local resources in Turkey as well as localized products and customer services.

In September, the Huobi Group announced it would host the first ever annual Eurasia Blockchain Summit in Turkey, due to the country’s fast cryptocurrency adoption rate. According to a global consumer survey made by market research and analysis firm Statistica, Turkey has the highest per-capita rate of cryptocurrency ownership out of all the countries surveyed, with 20% of residents owning some form of cryptocurrency, and the lira being the 5th most traded fiat-crypto pair in the world.

In addition to the Turkish version of Huobi’s trading website, the exchange has also launched a mobile app to help local customers.