Cryptocurrency exchange Huobi Global is launching a fiat-currency gateway for its Indonesian subsidiary, Huobi Indonesia, the firm announced Friday.
Huobi Indonesia's service will use the Indonesian Rupiah (IDR) and Tether (USDT) pair. With the new fiat gateway, Indonesian users can deposit Rupiah through Huobi Indonesia and exchange it to USDT to trade the more than 250 cryptocurrencies that Huobi Global supports on its platform.
"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," says David Chen, senior director of Huobi Cloud. "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."
Huobi Indonesia CEO Xiong Dan adds: "The Indonesian Rupiah fiat gateway is an exciting milestone for the Huobi Indonesia team. We will continue to expand the Indonesian market, consolidate and improve service quality, fulfill market commitments, and accelerate the development of local businesses."
According to Huobi Global, with this launch, the exchange now has fiat gateways in three of its local subsidiaries: Argentina, South Korea, and Indonesia.
A Huobi Global spokesperson told The Block that the exchange also plans to launch a fiat gateway in various "key markets" like Turkey and Russia in 2020.