Huobi Group has entered the Middle East and North Africa (MENA) region with its white-label solution for digital asset exchanges.
Under Huobi Cloud, the company is aiming to provide an end-to-end service, including facilities for the execution of traders to security services to the platforms operating in the MENA region.
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According to Coindesk, the company is already in talks with companies spanning ten countries in the region and aiming to accelerate the launch by the end of this year.
The cloud-based products are designed to offer localized solutions to the companies, leveraging the security features of an international platform and deeper liquidity.
To ease the launch of localized exchanges, Huobi is offering two types of services – cloud-based white-label service and exchange service via API.
Mohit Davar, the EMEA regional president of Huobi Group, also revealed that the company is focusing on partnering with institutionalized clients with a large user base of their own existing services like credit unions, banks, and fintech companies.
Becoming a global crypto giant
Once the largest crypto exchange in China, Huobi was exiled from its home country in 2017 after the overnight ban of centralized crypto exchanges by the Chinese government. It, however, soon found refuge in Singapore and re-established its global business from its new base.
The exchange is now pushing hard to enter the untapped global markets, paving its way to becoming a global leader in the crypto sector. The platform’s entrance in the MENA region came amid the launch of its new office in Turkey earlier this year.
Last month, the company also decided to open fiat gateways for Turkish lira to facilitate fiat-crypto services in the country. However, initially, traders can only trade fiat for Tether, which can be further used for trading with other digital currencies.