At launch, Huobi Thailand allows users to purchase BTC, ETH, HT, and USDT with Thai baht. By enabling direct swaps between baht and digital assets via a fiat gateway, Other digital assets such as BCH, BSV, LTC, and XRP will be supported in the near future.
Last year, Huobi Thailand was granted a ‘Digital Asset License’ by Thailand’s Ministry of Finance, which allows Huobi Thailand to operate in Thailand. Huobi Thailand became one of only a few blockchain companies to be approved for the license following the country’s decision to permit regulated digital asset exchanges. And recently Huobi Thailand was officially approved by the SEC to start operations.
“We want to help create an equitable world where wealth is more inclusive and attainable to anyone, anywhere. The launch of Huobi Thailand brings us one step closer to our goal and marks a new milestone in our global expansion.”
– Ciara Sun, VP of Global Business at Huobi Group
HT Ecosystem Expansion
The launch of Huobi Thailand will also contribute to the growth of the Huobi Token (HT) ecosystem. As the native token of Huobi Global, HT reflects the underlying health of the Huobi ecosystem and recently reached a new 12-month high amid growth in exchange trading volume and increased utility of HT.
Huobi Thailand is the only exchange in the country to enable direct baht-to-HT trading and will adopt HT as the primary payment method for a digital payment system that is currently in development.
Additionally, the exchange also plans to change its deposits with Thailand’s Securities and Exchange Commission (SEC) from fiat to HT. Huobi Thailand also 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.
This fully granted license gives the exchange access to Thailand’s future digital payment networks to expand the accessibility and utility of digital assets for Thai nationals. Huobi Thailand will be able to integrate with the country’s top digital payments systems to enable cryptocurrency transactions across the country’s growing network of electronic payments-enabled merchants and channels, including internet banking, mobile banking, and ATMs.