Huobi Crypto Exchange Taps into the Burgeoning Turkish Market with New Office Setup
Huobi, a fast-growing Singapore-based Bitcoin and cryptocurrency exchange, is set to take over the Turkish market. The popular, China originated exchange announced the move, saying it would include “a fiat onramp for Turkish Lira.”
For Huobi, part of its objectives once it sets camp in Turkey would be to set up a regional branch office where it will conveniently offer localized products and customer service. Turkish crypto market is ranked among the most aggressive in the region at the moment.
Crypto in Turkish Could Soon Replace Fiat
Interest in digital currencies across Turkey has been growing tremendously since 2018. The country’s percentages of cryptocurrency owners across Europe is arguably the largest as locals run away from hyperinflation which has long bedeviled the local economy.
For a majority of them, crypto is the best way out, not just as an alternative means of transaction, but also as a more stable tool of storing value. And so, Huobi is banking on this to offer a plethora of cryptocurrency services in the markets within and around Turkey.
Basically, the exchange will be tapping in a market with over 20 countries and a population of about 400 million people. The office will be operating under Huobi MENA, a Dubai-based branch that oversees the whole of Middle East, Africa and South Asia.
Huobi will aggressively tap into the market
According to the CEO of Huobi Global, Livio Weng, the firm will employ an aggressive tactic to ensure that Huobi ecosystem thrives. The group expects to establish a strong base in the promising market while looking at the possibility of expanding to other neighboring regions, including Romania.
The CEO was speaking after winding up a Huobi-sponsored meetup in the Turkish capital. The seminar was attended by several crypto traders, enthusiasts and professional including digital economy maven Erkan Öz and Ismail Hakki Polat, a crypto mentor.
The move is coming hot in the heels of the exchange, ranked 2nd largest by daily trading volume, entering into a mutual rebranding with HBUS. The partnership, agreed earlier this year, effectively licensed Huobi as a brand and itself changed its retail hub from HBUS.com to Huobi.com. Huobi Group’s crypto platform, on the other hand, changed its domain to hbg.com.
Already, Huobi Global website has a Turkish version even as they plan to launch customer support offered in Turkish language. An app, created in Turkish, is also in the offing, according to the group’s CEO who mentioned that they had launched Huobi Tokens for their clients based in the region.
The tokens, according to him, would allow them access to Huobi Prime as well as Fast Track programs. On his part, Huobi MENA’s co-founder, Mohit Davar said that they expect to roll out a crypto-to-fiat onramp specifically for the market before the year ends.