Singapore-based cryptocurrency exchange Huobi is making inroads in Turkey as the platform is tapping into some global markets with a demonstrated interest in crypto.
Providing further details on this development, Huobi said its offering would include “a fiat onramp for Turkish Lira” and a dedicated office with local resources. To cater to the upcoming traffic from the Turkish market, the crypto venue plans to offer localized products and customer services.
Turkey has one of the highest percentages of crypto ownership in Europe as high inflation is turning locals to cryptocurrencies in search of a more stable store of value and means to transact.
Interest in cryptocurrency has grown in Turkey following a nosedive of the national currency in 2018.
Huobi MENA, based in Dubai, will oversee the new initiative as it already provides a variety of crypto asset services to regions spanning over 20 countries home to some 400 million residents.
Expanding into New Directions
Huobi, the second largest crypto exchange by 24-hour trading volume, announced earlier this year a mutual rebranding with its exclusive US strategic partner HBUS. Per the agreement, HBUS has licensed the Huobi brand and rebranded its retail trading platform from HBUS.com to Huobi.com.
Huobi Group’s crypto platform continued to operate under the same name but changed its domain to hbg.com. HBUS marketplace rebranded as Huobi and migrated its trading platform to huobi.com, which is now open to American customers.
Commenting on the news, Huobi Global CEO Livio Weng, said: “Turkey is a very important and promising prospective market for us and we plan to take an aggressive approach to bring the Huobi ecosystem there.”
“We’ve already added a Turkish language option to the Huobi Global website and will also be rolling out Turkish language customer support and a Turkish language mobile app. Other than this, we’ve also launched Huobi Tokens for the Turkish users, which gives them access to Huobi Prime and Fast Track. We also hope to have a crypto-to-fiat onramp for Turkish users by the end of the year.” added Mohit Davar, Co-Founder of Huobi MENA.