Huobi has expanded its footprint in Asia following the announcement of a new local exchange designed for Thailand’s market. The crypto exchange's Thai subsidiary launched this platform to enable its clientele to trade crypto assets against the Baht.
This milestone will bring Huobi closer its global expansion goals according to the Group’s VP of Global Business. As of press date, the platform features among the top 5 crypto exchanges with most of its operations in Asia. Now that a crypto-friendly ecosystem is emerging in Thai, Huobi has moved fast to capitalize on this regulated market.
The Huobi Thai exchange will offer Bitcoin, Ether, Huobi Token and USDT trading against the country’s local currency, Baht. However, the exchange plans to scale up and include XRP, Litecoin, Bitcoin SV and Bitcoin cash within this portfolio in the near future.
Thai’s Crypto-friendly Ecosystem
A major driving factor for Huobi’s expansion is a relaxed approach by Thai’s authorities towards crypto assets. This South East Asia country passed a regulatory framework for crypto startups back in 2019 in a bid to spur growth within this area of innovation.
Huobi has since been blessed by the powers that be having received a ‘Digital Asset License’ from Thailand’s finance ministry. In addition, the exchange was recently approved by Thai’s financial regulator to offer crypto-fiat trading services.
Huobi’s Prospects in Thai
This milestone is quite something for Huobi; the firm however has plans to expand its basket of products and market share. Part of this is an integration with Thai’s financial payment networks to facilitate crypto transactions all over the country.
Other plans include a digital currency lending network based on Thai’s local currency. Huobi’s vision is to create a stablecoin backed by the Baht on a 1:1 ratio to fuel this ecosystem.