Huobi Enters Turkish Market Ahead of Binance and Establishes TRY-USDT On-Ramp

Good news for Turkish cryptocurrency enthusiasts: Huobi, one of the world’s largest crypto exchanges, has announced it will offer a fiat onramp for its Turkish customer base, accepting Lira (TRY) from as early as November. It comes as the result of an agreement between the Singapore-based firm and Turkey’s largest investment bank Aktif, and will make it possible for the TRY/USDT pair to be traded on the exchange. The service will allow both retail and institutional users to easily deposit fiat currency via wire transfer and exchange it for Tether (USDT) before trading crypto-to-crypto on Huobi Global.

Expansionist Dreams

The fiat gateway is just one among a string of recent announcements which demonstrates that Turkey is viewed as a key market for the company’s expansionist plans. At a recent summit, Huobi senior management announced it would be moving ‘aggressively‘ into the country, with localized products and customer services available soon. The firm also created a localized language option and stated that they intend to put boots on the ground with a dedicated local team.

Speaking at the summit, Mohit Davar of Huobi Group, said: “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.”

Price Incentives

As part of Huobi’s efforts to gain further market traction, the company also announced an exclusive price incentive for its Turkish userbase. By holding Huobi Token (HT), users will be able to unlock trading fees as low as 0.07%, making it one of the most competitive rates anywhere in the exchange marketplace. For comparison, current trading fees on Coinbase sit at 0.5%, with Bittrex 0.25% and Binance 0.1%. It is an indication of just how aggressive Huobi are willing to be as they undercut every major exchange on the market.

Although the majority of announcements from Huobi applied to all traders and investors, the company also added an All Star VIP Fee Promotion allowing whales to trade through a tiered fee model on Huobi Global.

First Time Annual Summit

The first annual Eurasia Blockchain Summit was the backdrop to many of Huobi’s recent announcements. Bringing together key industry leaders, Turkish government officials, and c-level representatives from local banks, the summit nurtured an environment in which a diversity of ideas and opinions could be heard.

Demonstrating the importance and high regard with which the company holds the region, the conference included Huobi big hitters such as CFO Chris Lee, Huobi University President Yuming Yuan, and Huobi Research CEO Hubery Yuan. Their presence at the summit added weight to the proceedings as Huobi sought to strike partnership deals and forge collaborations with local companies.

What Now?

The Turkish market appears present a great opportunity for the industry. Turkey bridges Europe, the GCC and Asia, and its regulatory environment shares similarities with the EU.

There are now plans within the nation to create a theater of commerce for exchanges and blockchain businesses, as the government recently announced its plan to create a national blockchain infrastructure that will help to drive the public deployment of distributed ledger technology. This makes sense in a country in which Bitcoin shares equal adoption and recognition as Forex. Now, with Huobi moving into the region, that popularity could be set to overtake the foreign exchange market and rest in the hands of the Singapore giant.