Turkish Delight as Huobi Adds TRY-USDT Fiat Gateway

Huobi has pledged its commitment to the Turkish crypto community in a big way, announcing a slew of initiatives at last week's Eurasia Blockchain Summit.

The introduction of Turkish Lira deposits for users of its global exchange was the main talking point, but a number of ancillary announcements further demonstrated Huobi's support for bolstering crypto adoption within the country of 80 million.

In addition to adding a TRY fiat on-ramp, Huobi has promised an exclusive fee promotion for Turkish users, who can enjoy trading fees as low as 0.07% by holding Huobi Token.

Given that Huobi Global was sponsoring the first annual Eurasia Blockchain Summit in Istanbul, there was never any doubt that a Turkish pledge of some sort was coming.

In the event, the decision to add support for Turkish Lira makes perfect sense: TRY is the world's fifth most popular fiat-crypto pairing, and Turkey is Europe's crypto stronghold with 20% ownership of digital assets.

Huobi's fiat on-ramp will enable users to switch from Lira to USDT, and from there to access hundreds of cryptocurrencies.

"Beginning with the landmark introduction of TRY/USDT trading, we will continue to demonstrate our deep commitment to the community via localized approaches to grow the market directly from our team in Istanbul," said Mohit Davar, Regional President of Huobi Group.

In June, Huobi unveiled its official entrance into Turkey with the promise to roll out a number of services, localized to suit the needs of the population.

Turkish government officials and c-level representatives were among those who met with Huobi representatives at last week's summit, where the mood was upbeat and talks were described as productive.

Huobi now serves more than 130 countries, and its decision to double down on the Turkish market is evidence of an ongoing strategy to focus on countries where the thirst for crypto has yet to be sated.