Singapore-based cryptocurrency exchange Huobi have announced they are to expand “…aggressively into the Turkish market” by establishing a Turkey branch office, localised products supported by local customer services and a fiat onramp for the Turkish Lira.
Huobi will expand aggressively in Turkey over the next 12 months! Plans include a local office, localized products and services, a fiat-to-crypto onramp for the Lira, and Turkish-language customer support.
— HuobiGlobal (@HuobiGlobal) June 26, 2019
The strategic move follows research from business data provider Statista suggesting that Turkey has the highest cryptocurrency participation rate in the world with around 1 in 5 people currently owning some form of cryptocurrency.
Lira For Crypto
Huobi – who are in the top three of the world’s largest cryptocurrency exchanges by trading volume – are co-ordinating the drive into the Turkish market through their Huobi MENA division which is headquartered in Dubai.
Speaking on the development, Mohit Davar, Co-founder of Huobi MENA, said that “We are really excited with the response we received from the Turkish community… We’ve already added a Turkish language option to the Huobi Global website and will also be rolling out Turkish language customer support and a Turkish language mobile app.”
In addition, Turkish users will have immediate access to Huobi Prime and Fast Track options plus a crypto-to-fiat onramp planned to be operational by the end of the year.
External observers recognise that offering a fiat onramp for traders may prove attractive for local residents for although the Turkish Lira has rallied since the recent political elections it is still one of the worst-performing emerging market currencies when compared the US Dollar, with only the Argentina Peso displaying more weakness.
Huobi have displayed an active presence in Europe recently, with key events being held in Turkey and Romania.
Huobi Global CEO @livio_huobi was in ??Turkey & ??Romania this past week.
We received incredible support from both regions, & such welcoming attitude toward blockchain!
We built many connections & established some valuable relationships. Keep an eye out for announcements soon. pic.twitter.com/f5hSR6vqqv
— HuobiGlobal (@HuobiGlobal) June 24, 2019