• Latest
Huobi Plans to Open Fiat Gateway with Lira-Tether Pairing in Turkey

Huobi Plans to Open Fiat Gateway with Lira-Tether Pairing in Turkey

October 18, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Business

Huobi Plans to Open Fiat Gateway with Lira-Tether Pairing in Turkey

coinnewsdaily by coinnewsdaily
October 18, 2019
in Business
0
Huobi Plans to Open Fiat Gateway with Lira-Tether Pairing in Turkey
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

Global crypto exchange Huobi plans to roll out a fiat gateway in Turkey that could increase access to more than 250 cryptocurrencies for local investors.

The move comes as Turkey puts forward a clearer legal framework for the crypto market in a country where many people already hold cryptocurrencies, Mohit Davar, Huobi’s EMEA regional president, told CoinDesk.

The company is announcing the project at the Eurasia Blockchain Summit in Istanbul on Friday.

Huobi announced in June that it intended to get more involved in the Turkish crypto market, but did not disclose details about the expansion at the time.

Davar said the exchange has partnered with one of the largest local banks to build the infrastructure and compliance standards for the fiat gateway, but declined to name the local bank partner.

He said Huobi would announce the partnership at a launch in December, at the latest, as the actual date could be earlier given as they have already started testing the gateway platform.

Huobi started to establish a partnership with the bank in June, he said, and has since been trying to address some of the biggest concerns voiced by Turkish banks.

“I think generally where there is not a clear regulatory framework in the market, it’s been left to the discretion of the banks to make their own decision,” Davar said. “That is always to make sure that we have the right checks and balances, particularly when it comes to KYC and AML.”

“The banks want to make sure when they face off with us as a partner, that they are actually fulfilling their obligations,” he said.

The fiat gateway would enable transactions between local fiat currency Lira and dollar stablecoin Tether (USDT). Once users purchase tether through their bank account, they could trade it with any other cryptocurrencies on Huobi Global.

The company believes that the Lira-USDT pairing makes transactions in the local market much easier, compared to offering hundreds of pairing between Lira and the other cryptocurrencies.

“It’s very difficult for any exchange to offer liquidity in the 250 coins that we hold against the local currency,” Davar said.

One could also convert Lira to dollar-pegged tether at the rate they are comfortable without worrying volatility of cryptocurrencies during the transaction, he added.

The exchange has also revealed its “aggressive” fee structure, Davar disclosed.

Turkish users will be able to trade at a 50% discount with 0.1% transaction fees, and even lower transaction fees by holding Huobi Token (HT). Another program would open up for professional traders in Turkey to trade with low fees across Spot and Margin trades.

The exchange has launched a mobile app and a Turkish version of Huobi’s trading website to help local customers. The next step is to onboard the local team and start the operation, including four full-time staff members, Davar said.

Davar said the banking partnership being worked on now is non-exclusive, meaning Huobi could sign up more banking institutions and non-bank investors as it expands its services in Turkey.

Credit: Source link

Tags: BusinessCryptoCrypto Business
Share76Tweet47
Previous Post

Facebook’s Libra Just Got Its First Major Supporter in Congress

Next Post

Cambodia’s Central Bank Testing Digital Wallet to Ease Cross Border Payments

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin
Alt Coin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
what are wrapped tokens?
Bitcoin

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?
Alt Coin

What is the future of Ethereum (ETH)?

April 22, 2022
Load More
Next Post
Cambodia’s Central Bank Testing Digital Wallet to Ease Cross Border Payments

Cambodia's Central Bank Testing Digital Wallet to Ease Cross Border Payments

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$22,935.000.20%
  • ethereumEthereum(ETH)$1,636.430.64%
  • tetherTether(USDT)$1.000.09%
  • binancecoinBNB(BNB)$327.300.58%
  • rippleXRP(XRP)$0.396294-0.89%
  • cardanoCardano(ADA)$0.387186-1.30%
  • dogecoinDogecoin(DOGE)$0.090965-1.05%
  • matic-networkPolygon(MATIC)$1.232.58%
  • okbOKB(OKB)$44.09-0.69%
  • solanaSolana(SOL)$23.12-0.77%
  • shiba-inuShiba Inu(SHIB)$0.000014-1.53%
  • polkadotPolkadot(DOT)$6.62-0.63%
  • litecoinLitecoin(LTC)$99.333.37%
  • tronTRON(TRX)$0.0643721.44%
  • daiDai(DAI)$1.00-0.03%
  • cosmosCosmos Hub(ATOM)$14.38-0.62%
  • chainlinkChainlink(LINK)$6.95-0.27%
  • leo-tokenLEO Token(LEO)$3.36-6.40%
  • ethereum-classicEthereum Classic(ETC)$22.47-0.87%
  • moneroMonero(XMR)$167.031.01%
  • bitcoin-cashBitcoin Cash(BCH)$132.90-0.83%
  • stellarStellar(XLM)$0.089773-0.85%
  • crypto-com-chainCronos(CRO)$0.0807730.11%
  • filecoinFilecoin(FIL)$5.24-0.50%
  • algorandAlgorand(ALGO)$0.258746-0.20%
  • vechainVeChain(VET)$0.0240300.04%
  • internet-computerInternet Computer(ICP)$5.56-0.25%
  • aaveAave(AAVE)$86.661.29%
  • eosEOS(EOS)$1.07-1.65%
  • elrond-erd-2MultiversX(EGLD)$45.030.17%
  • theta-tokenTheta Network(THETA)$1.101.08%
  • tezosTezos(XTZ)$1.16-1.74%
  • paxos-standardPax Dollar(USDP)$1.00-0.06%
  • huobi-tokenHuobi(HT)$5.520.01%
  • havvenSynthetix Network(SNX)$2.8512.47%
  • bitcoin-cash-svBitcoin SV(BSV)$42.60-3.17%
  • pancakeswap-tokenPancakeSwap(CAKE)$4.492.82%
  • dashDash(DASH)$63.706.18%
  • iotaIOTA(MIOTA)$0.240872-1.60%
  • makerMaker(MKR)$708.872.05%
  • neoNEO(NEO)$8.840.86%
  • zcashZcash(ZEC)$44.010.30%
  • zilliqaZilliqa(ZIL)$0.0293812.06%
  • basic-attention-tokenBasic Attention(BAT)$0.278925-2.49%
  • nemNEM(XEM)$0.0411480.97%
  • compound-governance-tokenCompound(COMP)$53.853.31%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • kusamaKusama(KSM)$35.42-1.26%
  • bitcoin-goldBitcoin Gold(BTG)$17.12-0.54%
  • qtumQtum(QTUM)$2.841.36%
  • sushiSushi(SUSHI)$1.463.06%
  • wavesWaves(WAVES)$2.743.62%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • golemGolem(GLM)$0.251536-3.79%
  • yearn-financeyearn.finance(YFI)$7,619.290.54%
  • omisegoOMG Network(OMG)$1.66-3.64%
  • ontologyOntology(ONT)$0.231526-0.08%
  • digibyteDigiByte(DGB)$0.0106421.22%
  • umaUMA(UMA)$2.111.69%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%