Huobi announced fiat gateway in Turkey
Global cryptocurrency exchange Huobi is rolling out a fiat gateway in Turkey, which would make 250 cryptocurrencies easier accessible to local investors. The exchange plans to make a lira-tether pairing, which will make it easier for Turks to move money onto the exchange. This will be done in collaboration with a major Turkish bank. The company announced the project at the Eurasia Blockchain Summit in Istanbul.
Huobi will be working together with one of the biggest banks in Turkey. Details about this partnership have not been revealed yet. The exchange platform should launch in December, which would also be the team to reveal the banking partner. The cryptocurrency exchange did make clear that the partnership is non-exclusive, suggesting that the company can work with more banks.
Huobi for Turkish traders
When the platform is live, Turkish users can trade at a 50% discount with 0.1% transaction fees. Transaction fees will be lower when traders are holding Huobi Token (HT). In addition professional traders who trade with higher amounts of money could even pay lower fees across several types of trades.
The exchange has launched a mobile app and a Turkish version of Huobi’s trading website to help local customers. Huobi is still looking for a local team to run the operation.
Turkish people love crypto
In recent months there have been a couple of blockchain developments coming from the Turkish market. The biggest Turkish cryptocurrency exchange BTC Turk is now the shirt sponsor of Super Lig football club Yeni Malatyaspor. While football fans of Galatasaray and Fenerbahce have seen promotions for the exchange on billboards in the football stadium.
In addition the Turkish government has plans with blockchain technology as well. They want to put university certificates and data about land ownership on the blockchain. On top of that there’s a project that will put gold on the blockchain, making trading easier than ever before.
Reports suggest that 20 percent of the Turkish population own some cryptocurrencies. This comes from data from research firm Statista. As a result Turkey is one of the biggest crypto adopters in the world.
Originally published at NEDEROB.
