Huobi Group, the parent company of cryptocurrency exchange Huobi Global, is expanding to the Middle East by offering the exchange platform as a white-label service.
The firm announced on Thursday that Huobi Cloud, a platform that helps companies build their own exchanges, is now available to the Middle East market. According to a company statement, online payment providers in the Middle East and North Africa (MENA) region can now offer cryptocurrency trading to their existing customers, while leveraging Huobi's main exchange's trading pairs and liquidity.
“UAE has shown a great appetite to engage and adopt blockchain technology,” said Huobi MENA office co-founder Mohit Davar. “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.”
According to a separate company statement provided to The Block, Huobi Cloud has helped companies around the globe deploy more than 120 exchanges so far, including some Huobi branded exchanges such as Huobi Russia, Huobi Indonesia, Huobi Thailand, and Huobi Argentina.
Meanwhile, Huobi's long-standing rival Binance has its eye on the same regions. The exchange announced today that it now supports fiat-to-crypto trading of Russian rubles. Earlier this month, it also added support for Nigerian naira.