Huobi, which is a cryptocurrency exchange, is setting up its first fiat gateway in Indonesia. The plan is for it to enable fiat to cryptocurrency trading between the Rupiah and Tether. The Rupiah of Indonesia goes under IDR, and the Tether goes under USDT. In the press release, which was dated December 27, the Huobi Group stated that its launch of the new fiat currency gateway will allow Indonesian investors to make use of the IDR in order to trade more than 250 different types of cryptocurrencies. Those cryptocurrencies are available through Huobi Indonesia, which is a subsidiary of Huobi Group.
According to Huobi Group's director of cloud services, David Chen, the new fiat gateway is part of the firm's global expansion strategy. It reflects the firm's lasting commitment to working with strong partners within Indonesia and key markets around the world. By adding more fiat and cryptocurrency pairs on Huobi Cloud, the firm will reduce friction for investors all over the world. Chen added that the platform has already proven to be trustworthy.
The cryptocurrency exchange network considers Indonesia to be a big opportunity for growing the blockchain community. It could also help boost the adoption of cryptocurrency around the world. The CEO of Huobi Indonesia, Xiong Dan, said that the new fiat gateway is an exciting milestone for the team. It will continue to expand into the markets of Indonesia and improve the quality of cryptocurrency services.
There are also plans for the Huobi Group to expand into Turkey. This will involve a local and app version of the platform. The fiat on-ramp for the Turkish Lira should be ready around the end of the year. The exchange also finished its search for an executive for the Turkey project. Alphan Gogus, who is experienced in finance and cryptocurrency, will be the first general manager for Huobi Turkey. According to Mohit Davar, who is the Huobi Group regional president, hiring a leader is a critical step in the development of a strong local presence in Turkey. He added that Huobi will continue adding to their Turkish team in 2020.