Singapore-based digital asset Exchange Huobi is expanding the number of fiat currencies that can be used on its platform, according to a recent announcement from the company.
On Saturday, the exchange said that it would be adding support for the Australian dollar (AUD), British pound sterling (GPB), and the Euro (EUR), which will allow users in Australia, UK, and the European Union to purchase crypto with their home countries’ fiat currencies.
The addition of these currencies was made possible through Banxa, which the exchange describes as “an internationally compliant fiat-to-crypto gateway solution.” The gateway, which can be accessed through the Huobi OTC website, allows users to instantly add funds to their accounts via bank transfer, debit or credit card, and “other preferred methods.” The gateway does not charge any fees.
How does it work? According to the announcement, users are required to undergo a one-time identity verification process. After that, users can “select the digital asset they'd like to purchase, choose their fiat currency, and enter the fiat value or asset quantity for purchase.”
The gateway allows users to purchase up to $20,000 USD worth of digital assets in a single transaction, though “the daily purchase limit is $15,000 and the monthly purchase limit is $60,000.”
“[Huobi Wants] to Be the Leading and Most Trustworthy Exchange in the World.”
Ciara Sun, Vice President of Global Markets at Huobi Group, said that the addition of the new currencies through the Banxa gateway “[marks] a significant milestone in our global expansion.
"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."
The expansion into the English-speaking world represents the latest move in Huobi’s push to the west: in an interview with Finance Magnates earlier this year, Ciara Sun said that while “people know Huobi as one of the biggest brands in the eastern market,” that “we are really determined to go global and go to the western market.
Ciara Sun, Vice President of Global Markets at Huobi Group.
“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.”
Eventually, “[Huobi wants] to be the leading and most trustworthy exchange in the world,” Sun said.
In the announcement of the recent fiat currency addition, Sun said that more fiat currencies are on the horizon: “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.
“We recently set out on an ambitious new goal to empower 100 million households worldwide to own digital assets, so we want to ensure we make it faster, easier, and more secure for new users to get started."
