Huobi to enter Turkey as 1 in 5 residents hold cryptocurrency

27 Jun, 2019
by Manshi Soneji Mamtora
Adoption
Huobi to enter Turkey as 1 in 5 residents hold cryptocurrency

Huobi is planning to push aggressively in the Turkish Markets in the next 12 months. A branch office with localizes services, products and resources would also be made available. 

Huobi, a Singapore-based cryptocurrency exchange is planning to expand its operation to Turkey. Its operations would be overseen by Huobi MENA, the Middle East, Africa, and South Asia branch of Huobi Group. It is headquartered in Dubai. It also plans to offer a crypto-to-fiat onramp for users by the end of 2019.

Promising outlook

Huobi Global CEO Livio Weng said, ''Turkey is a very important and promising prospective market for us and we plan to take an aggressive approach to bring the Huobi ecosystem there. We've been blown away by the numbers and passion of the Turkish trading community.'' Huobi recently had a sponsored meetup in Istanbul that was attended by traders, crypto enthusiasts, and blockchain professionals, including digital economy expert Erkan Öz and lecturer and cryptocurrency mentor Ismail Hakki Polat. 

According to research by Statistica's  Global Consumer Survey for 2019, Turkey has the highest per-capita rate of cryptocurrency ownership of all nations surveyed. 20% of the residents are owners of some form of cryptocurrency. This means every 1 in 5 Turkish citizens is a crypto enthusiast.

Eyeing other markets

Huobi is also considering to tap other markets like Romani,  where Weng recently delivered a speech in Bucharest's Palace of the Parliament as part of the 2019 Romania Blockchain Summit.

Cryptocurrency is luring the investors given the substantial weakness in the lira since 2018. The US-based Coinbase exchange also expanded USD Coin trading to Turkey. 

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