- Huobi's Thai arm, Huobi Thailand, has launched a crypto exchange.
- Customers can trade crypto using Thai baht.
- It has plans to integrate with the country's payment systems. But no deals yet.
Decrypt’s Art, Fashion, and Entertainment Hub.
Huobi Thailand, the Thai outpost of the crypto exchange Huobi, today officially launched its local cryptocurrency exchange. Its customers can buy cryptocurrencies using the country’s national currency, Thai baht.
Customers of Huobi Thailand can buy Bitcoin, Ether, Huobi Token, and Tether using baht. Soon, Huobi Thailand plans to add Bitcoin Cash, Bitcoin SV, Litecoin, and XRP, it said in a statement.
“We want to help create an equitable world where wealth is more inclusive and attainable to anyone, anywhere,” said Ciara Sun, VP of Global Business at Huobi Group.
Still, Huobi Thailand plans to launch a lending platform using a stablecoin called Thai Baht Digital (TBD). The date for this is still, er, TBD.
Last year, Huobi Thailand was awarded a “Digital Asset License” by the country’s Ministry of Finance, and was recently approved by the country’s SEC, granting it the right to set up a crypto exchange in the country and to connect with Thailand’s payments network.
Huobi will integrate its crypto services into Thailand’s sprawling network of online banks and ATMs, both private and state-run. It’ll all be powered by its own token, Huobi Token.
“Thailand is moving toward a cashless economy, so the approved license will present more opportunities for Huobi to contribute to the country’s growing crypto ecosystem,” Sun added.
A spokesperson for Huobi told Decrypt that it’s in discussions with Thai partners to make it easier for Thai citizens to pay with crypto using regular payments systems, but has “yet to formalize any deals."