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Huobi Indonesia, a digital asset exchange based in Jakarta, has launched a local fiat gateway to enable a direct fiat-to-crypto trading facility between the Indonesian Rupiah (IDR) and Tether (USDT).
As per a press release, the USDT/IDR gateway will allow Indonesian investors to use the local fiat currency to trade over 250 cryptocurrencies available on Huobi Indonesia's platform. The objective is to lower barriers to investor onboarding and "become the largest Indonesian exchange within the next six months," according to Huobi Indonesia CEO Xiong Dan.
"We will continue to expand the Indonesian market, consolidate and improve service quality, fulfill market commitments, and accelerate the development of local businesses,” Xiong added.
Huobi Indonesia is supported by Huobi Cloud, a solution provider that enables partners to create over-the-counter (OTC) and digital asset exchanges. Since the introduction of Huobi Cloud in 2018, the platform has launched over 120 exchanges including Huobi-branded exchange partnerships with local partners: Huobi Russia, Huobi Argentina, Huobi Thailand, and Huobi Indonesia.
Commenting on the launch of the new fiat-crypto channel, David Chen, Senior Director of Huobi Cloud, said that this is part of Huobi's global expansion strategy and reflects their commitment to working with strong local partners in key markets across the globe.
"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,” he added.
Earlier in September, Huobi officially introduced Huobi Argentina and announced plans to establish an Argentine Peso (ARS) fiat gateway.
Just recently, Japanese financial services firm Tokai Tokyo Financial Holdings announced its plans to invest around 500 million yen ($4.6 million) in Huobi Japan, a Japanese subsidiary of cryptocurrency exchange operator Huobi Group.
Meanwhile, HBUS, Huobi’s strategic partner in the U.S., ceased its operations in the United States. In its announcement, HBUS had said, “We regret to inform you that HBUS will need to cease operations so that it can return in a more integrated and impactful fashion as part of its ongoing strategic layout.”
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