The Indonesian division of Huobi Group is set to launch a fiat gateway for trading 250 cryptocurrencies in Southeast Asia’s biggest economy.

Huobi claims to have 50K registered users in Indonesia, and says around 10% of those are active daily. With the new fiat gateway the firm is attempting to assert dominance in what has the potential to be one of the world’s most important markets.

The new facility enables users to exchange Indonesian Rupiah (IDR) for tether (USDT), which is then tradable on Huobi Indonesia’s exchange. Liquidity for the gateway is provided by Huobi Cloud.

Huobi has ambitious global expansion plans for 2020, having already confirmed it wants to launch fiat-to-crypto gateways in Turkey and Russia early in the year.

AYO.NEWS says:

Taking a que from Malta-based Binance’s book, Singapore-based Huobi Group is creating a whole crypto ecosystem that goes far beyond its 130 international exchange branches – including Huobi Global, Huobi Research and Huobi University. Again, similar to Binance, the Group is also using acquisitions, partnerships and local affiliations to rapidly grow its global reach.

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.