Huobi Thailand, a localized digital asset exchange powered by the Huobi Cloud platform, recently announced its official launch. Licensed by Thailand’s Ministry of Finance, Huobi Thailand provides locals with a safe, fully compliant trading platform for the world’s most popular cryptocurrencies and stablecoins.
At launch, Huobi Thailand allows users to purchase BTC, ETH, HT, and USDT with Thai Baht. By enabling direct swaps between Baht and digital assets via a fiat gateway, Huobi Thailand aims to make digital assets more accessible to a wider community of Thai users. Other digital assets such as BCH, BSV, LTC, and XRP will be supported in near future.
“We want to help create an equitable world where wealth is more inclusive and attainable to anyone, anywhere,” said Ciara Sun, VP of Global Business at Huobi Group. “The launch of Huobi Thailand brings us one step closer to our goal and marks a new milestone in our global expansion.”
In addition to fiat-to-crypto trading, Huobi Thailand provides local users with industry-leading security same as Huobi Global, one of the world’s largest digital asset exchanges by trading volume and total cumulative turnover.
Expanding the HT Ecosystem
The launch of Huobi Thailand will also contribute to the growth of the Huobi Token (HT) ecosystem. As the native token of Huobi Global, HT reflects the underlying health of the Huobi ecosystem and recently reached a new 12-month high amid growth in exchange trading volume and increased utility of HT.
Huobi Thailand is the only exchange in the country to enable direct Baht-to-HT trading and will adopt HT as the primary payment method for a digital payments system that is currently in development. The exchange also plans to change its deposits with Thailand’s Securities and Exchange Commission (SEC) from fiat to HT.
Huobi Thailand also plans to launch lending platform using stable coin Thai Baht Digital (TBD), which is a stable token back 1:1 with THB, for smart contract.
Approved License for Future Integrations
Last year, Huobi Thailand was granted a ‘Digital Asset License’ by Thailand’s Ministry of Finance, which allows Huobi Thailand to operate in Thailand. Huobi Thailand became one of only a few blockchain companies to be approved for the license following the country’s decision to permit regulated digital asset exchanges. And recently Huobi Thailand has been officially approved by SEC to start operation in Thailand.
This fully granted license gives the exchange future access to Thailand’s digital payment networks to expand the accessibility and utility of digital assets for Thai nationals. Huobi Thailand will be able to integrate with the country’s top digital payments systems to enable cryptocurrency transactions across the country’s growing network of electronic payments-enabled merchants and channels, including internet banking, mobile banking, and ATMs.
Sun added, “Thailand is moving toward a cashless economy, so the approved license will present more opportunities for Huobi to contribute to the country’s growing crypto ecosystem.”