Huobi Indonesia Adds Fiat-to-Crypto Gateway in Bid for Global Expansion

Huobi Indonesia will institute a fiat gateway for trading 250 cryptocurrencies in the country.

Announced Dec. 27 in a press release, the Indonesian wing of Huobi Group looks to facilitate cryptocurrency trading in Southeast Asia's largest economy.

According to the firm, Huobi Indonesia boasts 50,000 registered users, of which approximately 10 percent are active in daily trading.

With this play, the Jakarta-based firm hopes to gain market dominance in Indonesia, said Xiong Dan, Huobi Indonesia CEO, in the announcement.

Huobi's gateway allows users to swap Indonesian Rupiah for tether, which can then be traded on the local exchange.

Huobi Cloud, a collection of approximately five international partners, will provide liquidity for the gateway.

"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," said David Chen, senior director of Huobi Cloud, in a statement.

Huobi Group is the parent company over a number of entities, including Huobi University, Huobi Research and Huobi Global - the actual cryptocurrency exchange, with approximately 130 international branches.

Based in Singapore, Huobi spreads internationally by operating exchanges directly by acquiring companies or applying for licenses.

Huobi Japan, a part of Huobi Group, announced a $4.6 million in new funding yesterday, by issuing stock to the Tokai Tokyo Financial Holdings through private placement.