Huobi, the Singapore-based cryptocurrency exchange, is continuously bringing new services to the table. This time the UAE is in focus.
Huobi is successfully operating in the UAE’s market and the new tweet by Mohit Davar confirms that. He stated its expansion into the market is bringing advanced trading solutions to the United Arab Emirates.
— mohit davar (@davar1969) September 29, 2019
In the corresponding article, it says that about 5.2% of the UAE’s population owns crypto assets. This fact makes the country extremely attractive. Following the launch of the collaboration between Huobi and the MENA-regional online payments giant CASHU, an online payment giant recently launched its virtual digital assets trading on their mobile app, which is powered by Huobi. It is Huobi’s branch based in Dubai for Middle Eastern, African, and Turkish operations.
The new tools allow millions of customers to trade Bitcoin, Ethereum and other digital assets directly from their smartphones.
Besides, they offer a range of other products to its customers. For example, Huobi DM which is a kind of derivative cryptocurrency instrument. It enables its users to make a profit on the fluctuations of the cryptocurrencies prices.
CASHU introduces a 2% transaction fee for buying and selling cryptos with local currencies. And it is a fair bargain as the regional fees are usually above this level.
What is Huobi’s aim?
According to Mohit Davar, co-founder of Huobi MENA, “UAE has shown a great appetite to engage and adopt blockchain technology. Our core mission is to enable our users to diversify their investments for a better tomorrow. Today Huobi, provides a variety of digital asset services globally on a uniform platform for crypto enthusiasts to invest all under one secure, convenient and well-established exchange.”
Consequently, Davar added that many users want to trade crypto MENA. But there’s the issue of access as the users only possess local fiat currency. Hence the new initiative aims to fix this problem.