Huobi Indonesia now Facilitating Rupiah (IDR) to Tether (USDT) Trades
Huobi Indonesia, a local partner of global cryptocurrency exchange Huobi Global has launched a fiat-to-crypto trading gateway that will enable the direct trade of Indonesian Rupiah (IDR) to Tether (USDT), and also grant the exchange’s local customers access to over 250 cryptocurrencies supported by the platform, reports Coinpedia on December 30, 2019.
Huobi Indonesia Enables Fiat to Crypto Trade
Per the report, Huobi Indonesia has achieved a significant feat in its existence, as the exchange now supports the purchase of the USDT stablecoin with the Indonesian rupiah and the new fiat gateway will also facilitate the trade of over 250 cryptocurrencies that are supported by the digital currency exchange.
According to the team, the local fiat gateway will give its Indonesian customers access to large amounts of liquidity that are available through the Huobi Cloud, the exchange’s cloud service launched in 2018.
Shedding more light on exchange’s goal, David Chen, Senior Director of Huobi Cloud said the platform’s continued addition of fiat/crypto pairs is in a bid to make fiat to crypto trading frictionless for investors worldwide.
“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,”
Huobi Enables Fiat to Crypto Trading in Several Jurisdictions
Reportedly, Huobi already has fiat gateways to support countries including Argentina, Russia, and South Korea.
The blockchain company has also made plans to launch a Turkish Lira (TRY) fiat gateway in 2020, to provide its Turkish users more access to assets and greater liquidity.
On the other hand, bitcoin (BTC) and altcoins have continued to gain traction in Indonesia especially after the country’s legalization of cryptocurrency as a tradeable asset.
In December 2019, Paxful, a peer-to-peer exchange revealed that Indonesia is one of the top four countries actively trading cryptocurrencies on the platform, given the Southeast Asian country’s 400% increase since 2018.
On August 21, 2019, BTCManager reported that Facebook is engaging in talks with digital payment platforms and fintech firms in Indonesia in a bid to launch a WhatsApp-based mobile payment solution in the country.
