Cryptocurrency exchange Huobi Global is launching a fiat-currency gateway for its Indonesian subsidiary, Huobi Indonesia, the firm announced Friday.
Simplified Trading with Huobi
Huobi Indonesia’s service will use the Indonesian Rupiah (IDR) and Tether (USDT) pair. With the new fiat gateway, Indonesian users can deposit Rupiah through Huobi Indonesia and exchange it to USDT to trade the more than 250 cryptocurrencies that Huobi Global supports on its platform.
“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,” says David Chen, senior director of Huobi Cloud. “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.”
Huobi Indonesia CEO Xiong Dan adds: “The Indonesian Rupiah fiat gateway is an exciting milestone for the Huobi Indonesia team. We will continue to expand the Indonesian market, consolidate and improve service quality, fulfill market commitments, and accelerate the development of local businesses.”
Huobi’s Reign in the South
According to Huobi Global, with this launch, the exchange now has fiat gateways in three of its local subsidiaries: Argentina, South Korea, and Indonesia.
A Huobi Global spokesperson told a news firm that the exchange also plans to launch a fiat gateway in various “key markets” like Turkey and Russia in 2020.
Huobi is a Singapore-based cryptocurrency exchange. Founded in China, the company now has offices in Hong Kong, Korea, Japan and the United States. In August 2018 it became a publicly listed Hong Kong company.
In November 2013, Huobi received angel investments from Dai Zhikang and Zhen Fund. In 2014, Huobi raised a $10 million venture capital investment from Sequoia Capital. In August 2014, Huobi acquired Bitcoin wallet provider Quick Wallet.
In December 2013, trading volume exceeded 30 billion yuan, making Huobi China’s largest digital asset trading platform at the time. In June 2016, its total transaction volume reached 1 trillion RMB, and in November 2016 1.7 trillion yuan, accounting for more than 60% of the global bitcoin exchange market. On December 22, 2016, its daily transaction volume surpassed 200 billion yuan.
In September 2017, China banned bitcoin exchanges and ICOs. In response, Huobi adjusted its business and organizational structure to promote global expansion. In October 2017, Huobi officially expanded into Korea with a new headquarters in Seoul, South Korea, and opened trading in March 2018.
In November 2017, it launched operations in Singapore with total volume in the first month exceeding 30 billion RMB. In December 2017, it launched an office in Tokyo, Japan and announced that it would set up two crypto exchanges in Japan in early 2018, through a partnership with Japanese financial group SBI Group. In March 2018, Huobi announced that it will be launching in the United States.
In April 2015, Huobi partnered with Tsinghua University in a “Digital Asset Research Initiative”, and sponsored a “Digital Asset Research Project” at the Internet Finance Laboratory of Wudaokou Tsinghua School of Finance.
On July 1, 2016, the Huobi Network Blockchain Research Center published a report, “Blockchain: Defining a New Financial and Economic Future”. On December 20, 2016, Huobi joined the Fintech Digital Asset Alliance (Shenzhen) along with the Fintech Research Institute of China under the guidance of the Shenzhen Municipal Government. Huobi has offices in Hong Kong, Korea and Japan. The US strategic partner of Houbi is HBUS, headquartered in San Francisco, California and was launched in July 2018.