In an apparent bid to seduce the western market, Huobi has announced that the platform will now support fiat currencies like Great Britain Pounds, Euro, and the Australian Dollars.
Huobi announced on Saturday that the latest development means that new and existing users located in in Australia, the European Union and the United Kingdom can now make payments and withdrawals using the currencies.
In the recent announcement made by the singapore based company, it said that it is presently trying to increase the number of supported fist currencies on its platform.
Banxa, which is described by Huobi as “an internationally compliant fiat-to-crypto gateway solution”, was responsible for the addition of the fiat currencies.
Traders can now make free deposits and withdrawals using the new fiat currencies
The news means that traders and investors in the region will be able to deposit or withdraw funds in their accounts using Bank transfers, debit or credit cards or any other method possible. The gateway to access this service is located on the Huobi OTC platform and does not charge fees for withdrawal or deposits.
Looking critically at how it works, customers on the platform would be subjected to a one-time identity verification process. If this is successful, users can now go ahead and purchase digital assets using their fiat currency.
The daily limit for a transaction that can be carried out using this process is $15,000 while the monthly limit is $60,000. In its review, the exchange said the addition of the new fiat currencies is taking them close to their goal of being the most sought after crypto exchange platform
Ciara Sun, the VP of Global Markets said the new inclusion would further endear the exchange to customers abroad. “With our newly expanded fiat gateway, we want to help accelerate crypto adoption by making digital assets much more easily accessible to the masses.
This integration introduces a new point of access for users in Australia, UK, and the European Union looking to enter the crypto market,” Ciara Sun said.
Huobi VP of Global Market aims to add more fiat currencies in the coming months
This latest addition of the fiat currencies is a milestone reached for the crypto exchange after the VP of Global Markets, Ciara Sun admitted that the firm wanted to push into Western markets. “people know Huobi as one of the biggest brands in the eastern market,” and that “we are determined to go global and go to the western market,” she said.
Taking to newsmen about moving across the globe proper, Ciara Sun said, “We are continuing to put more efforts to bringing a stronger branding in the western market-to go out there and talk to media, talk to our partners, and talk to our communities and our users to make sure that they know who Huobi is and what we stand for, and what our vision is, and what we want to achieve.”
After the announcement of the fiat currencies, Sun noted that the company is still working ardently to add other fiat currencies. “as we bolster our global presence and expand into new markets, we will continue adding new fiat on-ramps to give all users a frictionless onboarding experience.” she said.