Huobi Thailand is a centralized cryptocurrency exchange, which started its work on March 5th, 2020, under the umbrella of the Huobi Cloud platform developed by Huobi Global. Huobi (Thailand) Co., LTD was developed to cater to the demands of local traders who looked for an entirely compliant trading platform to feel safe during the trading activity.
As the facility has been licensed by Thailand’s Ministry of Finance, it can legally operate in Thailand. Thus, Huobi Thailand became the only company that received the approval of the regulatory bodies of the country for fiat-crypto trading. The SEC allowed it to start its business activity in Thailand. At the time of writing, the exchange plans to launch a lending platform with the use of stablecoin TBD (Thai Baht Digital). Taking into account the fact that the country has decided to move in the direction of a cashless economy, the work of Huobi Global helps to attain this goal. It becomes a considerable move as the country tries to build its crypto ecosystem.
It’s worth saying that the company can boast of its activity all over the world and Huobi Thailand is one more milestone on the way of the global expansion of the corporation behind the exchange.
The list of services doesn’t include trading and exchange only. The users of the platform can take advantage of industry-leading security. The same service is offered, for instance, on Huobi Global, which is one of the largest crypto exchanges by trading volume and turnover.
The license received by the trading facility is called “Digital Asset License”, which gives freedom to the company to develop its activity in the Thai national legal entities. For instance, it provides the opportunity of the integration to the most popular Thai digital payment systems enabling crypto transactions. The country currently develops its network of merchants accepting electronic payments and other channels such as ATMs, online banking, mobile banking, etc., so Huobi Thailand appeared on the local market just in time.
At the moment of launch, the company offered ETH, BTC, HT, and USDT with Thai Baht. The platform enabled direct swapping between Baht and digital currencies to contribute to the mass adoption of cryptocurrencies in a community of local users. Later the platform added ZRX, NPXS, BSV, LINK, and many other digital coins.
The tech-savvy users or professional traders can use API. Based on Huobi Cloud technology, the traders can enjoy the smoothness of technology that was previously tried on different platforms of the world.
Huobi Thailand fees
The trading fees are flat as both makers and takers have to pay 0.25%. In October 2020 Huobi Global also announced that it allowed users to buy cryptocurrencies with Mastercard and Visa without third-party KYC verification.
Huobi Group expansion and cooperation with partners
Ciara Sun, Vice President of Global Business at Huobi Group commented on the launch saying that the goal of the platform is the creation of an equitable world with wealth “more inclusive and attainable to anyone, anywhere”. Thanks to the launch of the platform, this goal has become closer.
The corporation Huobi Global also entered the DeFi sector to deliver more high-quality assets to its customers and make the sector of decentralized exchange more inclusive. In 2020, the company launched HBSV, a wrapped version of Bitcoin SV and HLTC, the wrapped Litecoin, but without much success. The company tries to reposition itself on an exploding DeFi market. Previously, the company was more focused on incubating DeFi projects by funding. Following the initiative, Huobi Global launched a global DeFi alliance with MakerDAO (MKR), Compound (COM), Nest (NEST), and dYdX (dYdX) to bring Western and Eastern communities together.