Huobi Indonesia Launches Fiat-to-Crypto Gateway for Local Investors
- Huobi will continue to include fiat/crypto pairs for Huobi Cloud 2.0 with the aim to make it easy for investors to trade.
- Huobi Indonesia CEO believes that this milestone will help in developing the Indonesian market.
The temple of Sumatra Island in Indonesia. Freepik
Huobi Indonesia will launch a regional fiat gateway with the aim to enable a straightforward facility for fiat-to-crypto trading between Indonesian Rupiah (IDR) and Tether (USDT).
The announcement was made он 27 December and the gateway will let investors from Indonesia to trade Rupiahs for more than 250 cryptocurrencies offered as part of the digital asset exchange Huobi Indonesia.
Huobi Indonesia has over 50,000 registered users and 5,000 of them are actively trading every day.
Indonesia is the country with the largest population and economy in Southeast Asia and is definitely an important milestone for global crypto adoption and growth of the blockchain community. Indonesian users will be able to access huge amounts of liquidity directly via Huobi Cloud’s fiat gateway.
Huobi Cloud’s Senior Director, David Chen shared the future intentions of the exchange:
“The new fiat gateway is part of Huobi’s global expansion strategy and reflects our ongoing commitment to working with strong local partners in key markets across the globe. By continuing to add new fiat/crypto pairs for Huobi Cloud 2.0, we want to make it frictionless for investors anywhere in the world to trade digital assets on a trusted and proven platform.”
In September 2019, Huobi published its intentions to organize an Argentine Peso (ARS) fiat gateway when Huobi Argentina got launched.
The technology behind Huobi Cloud brings huge benefits to the upcoming fiat gateway such as transaction liquidity, security, market depth and efficiency. According to Xiong Dan – Huobi Indonesia CEO, allowing IDR/USDT will lessen the onboarding steps for investors and Huobi will “become the largest Indonesian exchange within the next six months”.
Xiong also added:
“The Indonesian Rupiah fiat gateway is an exciting milestone for the Huobi Indonesia team. We will continue to expand the Indonesian market, consolidate and improve service quality, fulfill market commitments, and accelerate the development of local businesses.”
Huobi Cloud allows users to quickly create stable and secure crypto-to-crypto trading, operational, ecosystem and OTC solutions in one place. Other benefits include Huobi Global’s order matching system, clearing system and asset management, all that on top of six years of expertise and infrastructure.
Since Huobi Cloud started operations in 2018, more than 120 exchanges have been launched, including local partners like Huobi Thailand, Huobi Indonesia, Huobi Russia and Huobi Argentina.
- The Securities Commission Malaysia ordered Huobi Global to stop all of its activities in the country as it was not registered with the regulator, and was operating illegally.
- The exchange was also directed to disable its website and mobile applications, as well as cease all advertising of its products and services in the country.
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- Cryptocurrency exchange Huobi revealed that it is working on acquiring a crypto trading license in Hong Kong, and on opening a new trading platform in the city.
- The expansion was motivated by the Securities and Futures Commission’s (SFC) upcoming licensing regime, which could also allow retail investors to trade crypto.
- North Korea’s Lazarus Group has moved around $63.5 million of crypto assets connected to the Harmony bridge hack over the weekend.
- The hackers tried to move a portion of the funds through Binance and Huobi, but the exchanges were able to freeze their account and recover around 124 BTC.