Huobi, one of the major cryptocurrency exchanges in the industry, launched a fiat getaway in Indonesia to enable fiat-to-crypto trading between the Indonesian Rupiah (IDR) and Tether (USDT) on December 27.
Being one of the largest economies in Southeast Asia, local investors will now be able to use local fiat currency and trade over 250 cryptocurrencies available on Huobi Indonesia’s digital asset exchange.
Commenting on the move, David Chen, Senior Director of Huobi Cloud stated in a press release saying,
“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.”
He further added saying the company plans to make it “frictionless” for investors anywhere in the world to trade digital assets on a trusted and proven platform.
Huobi had announced plans for an Argentine Peso (APS) fiat gateway earlier in 2019. This move comes in light of David Chen’s statement where he stressed the company’s plans to work with strong local partners in key markets across the globe.
Huobi Indonesia CEO Xiong Dan called the move an “exciting milestone” for the Huobi team in Indonesia.
“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.”