By Hidayat Sultanli
On Sep 12, 2020
Crypto exchange Huobi plans to roll out a fiat gateway in Turkey to allow local investors to invest in over 250 cryptocurrencies. The government of Turkey is working to make a clear framework for the crypto market in the country. Currently, cryptocurrencies are not regulated in the country. Huobi teamed up with one of the largest local banks to build the fiat gateway.
The international crypto exchange, Huobi, looks to expand its territory as the exchange plans to build a fiat gateway for customers in Turkey. Currently, cryptocurrencies are not regulated in the country, but the government of Turkey is planning to put forward a more transparent regulatory framework for the crypto market.
The exchange had earlier intended to get involved in the Turkish market but did not elaborate on which aspect. The company would announce the project at the Eurasia Blockchain Summit in Istanbul. The bank has teamed with one of the largest local banks in the country to build the fiat-crypto gateway. However, the name of the bank is not revealed yet.
The gateway would allow users to buy stablecoin Tether (USDT) in exchange for the country’s national currency, Lira. Once a user buys USDT via a bank account, he can trade it for any other cryptocurrency on the Huobi exchange. Initially, the Turkish users will be able to trade at a 50% discount with 0.1% transaction fees. The exchange has already launched a mobile app and a Turkish version of Huobi’s trading website.