Huobi Licensed to Launch Fiat-to-Crypto Exchange in Thailand
Huobi Group, a leading Singapore-based digital assets exchange has announced that Huobi Thailand, its Thai-based subsidiary has secured a fifth license that would enable it to operate a crypto exchange in the region. Huobi Thailand will offer clients crypto-to-crypto trading as well as a crypto-to-fiat onramp starting from Q3 2019, according to a press release on July 25, 2019.
Houbi Thailand Going Live in Q3
As part of its larger plan to become a global bitcoin trading venue and exchange Houbi is set to go live in Thailand in Q3, 2019.
As stated in its press release, Huobi Global’s Thai arm, Huobi Thailand, has obtained the fifth license from financial regulators in the area to enable it to launch a crypto-to-crypto and crypto-to-fiat on and off-ramp in the coming months.
Specifically, Huobi Thailand will be powered by Houbi Cloud and it will operate as a fully regulated exchange in the country, making it possible for citizens and residents to easily buy supported virtual currencies with fiat money and vice versa.
As reported by BTCManager earlier in July 2018, Huobi Global launched its Blockchain Plus initiative and cloud service dubbed Huobi Cloud.
According to the firm, the primary objective of Huobi Cloud is to provide a one-stop solution for exchanges while also making it easy for partners to develop highly secure bitcoin trading platforms.
Huobi Global said at the time:
“Huobi Cloud will rely on Huobi’s existing digital asset exchange platforms, allowing partners to set up over the counter (OTC) desks and robust crypto exchanges with little to no IT capacity requirement,”
Huobi Taking Over the World
Per the team, Huobi Cloud is constantly in search of suitable new partners in various jurisdictions to collaborate with and thus expand into local markets.
The team claims its Huobi Cloud solution allows users to enjoy order matching systems, wallet systems, asset management, and clearing systems of equal standards with Huobi Global.
Reportedly, the Huobi Cloud has helped to launch more than 120 cryptocurrency exchanges that share the same depth, liquidity and market data with Huobi Global in various parts of the world including Russia, the U.K., Africa, Hong Kong, Singapore, Indonesia, Canada, and Brazil.
In related news, BTCManager informed on May 16, 2019, that Huobi had launched its fiat and crypto OTC service in crypto-friendly Gibraltar.