- Huobi Cloud platform powered company Huobi Thailand is recently reported to have launched its official platform under the license of Thailand’s Ministry of Finance.
- The platform allows users to purchase BTC, ETH, HT, and USDT with Thai Baht.
- The present launch plays an important role in the development and growth of the Huobi Token (HT) ecosystem, a native token of Huobi Global.
Huobi Cloud platform powered company Huobi Thailand is recently reported to have launched its official platform under the license of Thailand’s Ministry of Finance. The present platform provides a competitive arena to facilitate digital transactions of all kinds, including cryptocurrencies and stablecoins, to the citizens of Thailand who are willing to participate in such transactions.
The platform, as of now, allows users to purchase BTC, ETH, HT, and USDT with Thai Baht. The subsidiary platform plans to provide its users with convenient accessibility to cryptocurrencies by allowing direct swaps between Baht and digital assets via a fiat gateway and thus encouraging a wider community of Thailand to invest in the same.
However, the platform will be capable of supporting digital assets such as BCH, BSV, LTC, and XRP soon enough.VP of Global Business at Huobi Group, Ciara Sun stated in a recent interview that the company aims to provide a platform that enables the public to access the economic wealth easily and equally at all times.
She added the present launch would enable the global economy to expand its boundaries in the digital market. The platform also provides highly efficient security systems at par with those provided in Huobi Global, to meet the needs of its users, apart from its exchange services.
A step to expand
The present launch plays an important role in the development and growth of the Huobi Token (HT) ecosystem, a native token of Huobi Global. The same, according to news reports, has achieved a new 12-month high amid growth in exchange trading volume, therefore, increasing the utility of HT. The platform is the only ground in the country to enable direct Baht-to-HT trading.
In addition to that, Huobi Thailand will adopt HT as the primary payment method for a digital payment system that is currently in development. As part of its further actions, the company plans to change its deposits with Thailand’s Securities and Exchange Commission (SEC) from fiat to HT.
As a parallel project, the subsidiary plans to launch a lending platform using stable coin Thai Baht Digital (TBD), which is a stable token back 1:1 with THB for smart contracts.
The Boons of approval
The operations of Huobi Thailand was authorized through a license provided by Thailand’s Ministry of Finance named ‘Digital Asset License.’ The license was granted to the same after complying with the prescribed rules and regulations.
This grant makes the company one among a very few blockchain companies to be approved by the body since the country’s decision to permit regulated digital asset exchanges. Apart from that, the platform has also received official approval from the SEC to begin its operations in Thailand.
Such a grant allows the platform to gain access to the Digital Networks of Thailand associated with financial transactions, thus increasing the productivity of the platform’s services provided to the citizens of Thailand.
As a move to expand the company’s operations, such a license will allow Huobi Thailand to collaborate with digital payment platform giants to facilitate cryptocurrency transactions in larger scales.
This extends to internet banking, mobile banking, and ATMs. The Vice President of the company concluded her statement by underlining the fact that the license has provided the company to explore various opportunities to develop the crypto-market of the nation.