Several countries around the globe have started to step into the cryptocurrency world, or at least into the blockchain industry. This development has also been made on the Asian shores and the countries in the region have taken a serious turn towards it.
Thailand has been the latest country to open its doors to cryptocurrency business with Huobi Thailand to receive a license from the Thai Ministry of Finance for trading in Baht.
The Huobi Cloud-powered company reported that a government license would allow it to conduct transactions in the country’s premises. Using the new platform the holders will be able to trade with BTC, ETH, HT, and USDT using the currency of the region, the Thai Baht.
At the moment, the platform gives customers the option to facilitate digital transactions across sectors. The HT token is Huobi’s native cryptocurrency and the latest development is set to give it a new benchmark.
Huobi has told users that it will add streamlined processes to its platform while at the same time allowing direct swaps with the Baht. The platform aims to act as a bridge between crypto and fiat in order to increase the number of adoptions in Thailand.
The organization added that it will be adding assets such as XRP, Bitcoin Cash, Litecoin and Bitcoin SV soon. Officials close to the company claimed that worldwide easy transaction was the key and that Huobi wanted an interconnected finance sector.
The company had also stepped up to help Coronavirus victims by donating 10 million yuan for medicine and help. According to reports, Huobi will continue to invest more in infected areas all around China. Amid all these updates, Huobi’s native token HT has achieved a new 12-month high due to an increase in exchange trading volume. Huobi added that it will also be boosting privacy features across the board because of the increased scrutiny from regulators.
It was just last year when Huobi Thailand obtained the Digital Asset License from the Thai Ministry of Finance. With permission from the country’s Securities and Exchange Commission, Huobi has been able to connect with the country’s payment network. The Thai Baht integration was a way to expand the usage circle of the Huobi token. Huobi Token was last in the news when it got listed on a popular hotel booking site, Travala.com.
Huobi Thailand’s plans to launch a stablecoin has also been a known fact in the crypto-verse. The stablecoin coin will be pegged at a 1:1 ration with the Thai Baht. Stablecoin launches were becoming increasingly popular in the industry and it is only a matter of time before other companies follow suit.
Ciara Sun, the Vice President of Global Business at Huobi Group further said that they wanted to uplift the economy by broadening access. The exchange’s release came right before Bitcoin crashed below the $8000 mark. The entire cryptocurrency market awoke to a shock when the world’s largest cryptocurrency fell by 9.1 percent. Altcoins such as Ethereum, XRP and Bitcoin Cash fell by double-digit figures at the same time.