Cryptocurrency exchange Huobi is launching a fiat gateway in Indonesia to enable fiat-to-crypto trading between the Indonesian Rupiah (IDR) and Tether (USDT).
In a Dec. 27 press release, the Huobi Group announced that the launch of the new fiat-currency gateway will make it possible for Indonesian investors to utilize the IDR to trade more than 250 cryptocurrencies available on its Indonesian subsidiary, Huobi Indonesia. Senior director of Huobi Cloud David Chen commented:
"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."
The cryptocurrency exchange considers Indonesia to be a “major opportunity to contribute to the growth of the greater blockchain community and help drive crypto adoption globally.” Huobi Indonesia CEO Xiong Dan added that the new fiat gateway is an “exciting milestone” for the Huobi team in Indonesia. “We will continue to expand the Indonesian market, consolidate and improve service quality,” he said.
Huobi Group continues to expand into Turkey
Huobi started its expansion to Turkey with a localized web and app versions of the platform. As Cointelegraph reported in October, Huobi is planning a fiat onramp for the Turkish Lira by the end of the year.
More recently, the crypto exchange completed its executive pursuit in Turkey by appointing Alphan Gogus, a veteran in crypto and finance, as the new general manager for Huobi Turkey.
Huobi Group regional president Mohit Davar said at the time that hiring a leader is an essential milestone for establishing a strong local presence in Turkey. “Huobi will continue to build their team in Turkey,” he added.