While Binance has been focusing its efforts on the west, setting up its US exchange, Huobi has been making in-roads in the east.
Huobi has spent the past three months building bridges with the Turkish market, culminating in a series of announcements at last week’s Eurasia Blockchain Summit. A Turkish Lira fiat on-ramp, discounted trading fees for Turkish users, and a pledge to support local blockchain innovation are all part of the package.
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Huobi’s EMEA regional president Mohit Davar explained: “Beginning with the landmark introduction of TRY/USDT trading, we will continue to demonstrate our deep commitment to the community via localized approaches to grow the market directly from our team in Istanbul.” Davar has also elaborated on the progress that Huobi has made in establishing a partnership with a local Turkish bank, while adhering to the regulatory framework to ensure all KYC/AML obligations are met.
More Coins, Less Fees
Turkish traders will be able to access over 250 cryptocurrencies listed on Huobi after converting into tether (USDT) from TRY. Although Turkish citizens have access to domestic exchanges, and are also major users of P2P sites such as Localbitcoins, there are choke points when it comes to converting from fiat to crypto. Huobi hopes to ease some of that congestion, and establish itself as the country’s preeminent exchange service into the bargain.
To further sweeten the deal, Huobi has promised discounted trading fees for Turkish users, which can be reduced further through holding Huobi Token (HT). The ability to trade on Huobi with fees as low as 0.07% should prove a lure in its own right. With volume of around $500m a day and a presence in more than 130 countries, Huobi is one of the largest exchanges in the world. Cryptocurrency exchanges have been competing intensely for market share through adjusting their fee structure, while news outlets have been publishing fee comparisons of the leading platforms, further heightening the rivalry.
Turkey Is Open for Business
President Erdogan’s government has been endeavoring to attract more investment in the country, and officials have been receptive towards supporting blockchain innovation in particular. As such, investment from leading cryptocurrency companies has been welcomed. Huobi’s expertise on the ground will extend to providing customer support, and mentoring local blockchain businesses that are developing innovative technology.
Since June, when Huobi first revealed its interest in the Turkish market, the company has expended significant efforts on wooing the country’s crypto community, while meeting with government and banking officials to secure the go-ahead for the first phase of its domestic operations. Turkey is well known for its high ownership of digital assets, which per capita exceeds that of any other European nation. In stealing a march over other exchanges that have been eyeing the untapped Turkish market, Huobi has planted a flag and laid down a statement of intent.